The US Energy Information Administration on Tuesday forecast global oil market demand fundamentals to tighten this year, largely due to the impacts of the coronavirus outbreak in China. “EIA expects that travel restriction in response to the coronavirus, along with the related economic slowdown in China, will reduce petroleum demand and keep crude oil prices below $60 per barrel through the first half of this year despite current disruptions to crude oil supply,” EIA Administrator Linda Capuano said in a statement Tuesday. In its monthly Short-Term Energy Outlook EIA Tuesday forecast global oil supply to continue to outpace demand this year, but lowered its forecasts for both production and consumption. EIA now forecasts total global liquids supply to average 101.97 million b/d in 2020 and total demand to average 101.74 million b/d, a 230,000 b/d […]