Will global air travel be grounded for three months? That’s what oil traders have priced in, says Goldman Sachs
Japan, Israel and Morocco have each put a ban on international travel in the face of the discovery of the new, perhaps more contagious variant of coronavirus.
But the oil market has priced in a far steeper reduction to air travel. According to strategists at Goldman Sachs, the market has priced in what they say is a mammoth 7 million barrels of oil a day reduction in demand over the next three months, with no offsetting response in production from the OPEC+ oil cartel.
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