- Iran now seems to be a hotbed of infection, with over 1,500 cases reported and 66 deaths recorded; the Covid-19's average fatality rate of 2% suggests that reported cases in Iran are underestimated.
- Of course, this would have a positive impact on prices, but on the whole, for the oil world to deal with a double whammy of demand destruction and reduced supply is a nightmare scenario.
- And until the Covid-19 outbreak has been confidently declared to be contained worldwide, this risk discount will persist and crude prices will remain depressed.
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