Analysts feel oil demand impact restricted only to China

A few of the analysts have been starting to wonder if the markets of Oil have been spooked overtly by the potential of the coronavirus to cause a dent to the demands of energy as the activities of travel and economies have been crimped.

The health toll of humans is what matters the most and there have been over 100 people who have succumbed to the illness which is now taking threatening proportions however the virus has been rattling the markets and has come up when the market had been full of supplies with the growth of demand being modest.

China is the biggest importer of oil in the world and the flights of this region are a major source of the fuel consumption in the world. There are many questions yet which have not been answered about the fallout from the virus however the threatening experience from the outbreak of SARS is the indication shows that the demand worries are a little outdone feel a few analysts.

The analysts feel that the coronavirus as of now is not a story which affects the world and is only restricted to China for now and the demands have not been implemented.

There are reports which note whether the outbreak has been unfolding still and the price of the decline as of now have been compared to the fundamentals of demand and supply.

OPEC has been wanting to extend the output of oil currently until the month of June as there is a possibility of there being deeper levels of reductions on this table if there is a demand of oil in the month of June has been impacted significantly by the spreading of the coronavirus.