LONDON: The oil market looks set for at least four months of depressed demand because of China's coronavirus outbreak, with a large crude surplus not expected to clear at least until August, analysts and traders said.
Fears of a virus-related slump in global energy demand have flipped the market into contango this week - a structure in which longer-dated oil futures trade at a premium that encourages traders to keep crude in storage for more profitable resale in the future.
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