Oil prices moved sharply lower this week amid a renewed focus on demand destruction following a flurry of new coronavirus cases outside of China.  ICE front-month Brent futures settled at $50.52/b Friday, down $7.98 on the week, and down 22.5% since January 20, when commodities markets began to react to the virus. S&P Global Platts Analytics has adjusted its 2020 global oil demand growth outlook down to 860,000 b/d, marking the weakest forecast since 2011. Asian refined products demand is expected to grow by 380,000 b/d in 2020, “posting its weakest growth since the global financial crisis in 2009,” according to Platts Analytics. Globally, 84,161 cases of Covid-19 coronavirus have been confirmed in 59 countries as of Friday, according to University of Virginia data. While the overall number of new cases continues to fall, the growth rate outside of China accelerated this week, with major outbreak emerging […]