With WTI sliding below $50 on Sunday evening, expect even more downside according to S&P Global Platts’ Claudia Carpenter, who writes that oil prices will probably drop to the “mid-$40s” a barrel in the next couple of weeks because of weak demand, according to Matt Stanley, director of Starfuels commodities brokerage. Supply isn’t an issue but demand is and demand growth is so fragile that an excuse like coronavirus has caused the 15% drop in prices the past few weeks, Stanley told the 7th annual Global Commodity Outlook conference in Dubai on Sunday. Crude prices have dropped significantly in in the past few weeks on concern that the virus outbreak could blunt global crude demand. Front-month Brent settled Friday at $54.47/b, 16% below its most recent peak on January 20, while WTI futures were down 14% over the same period. OPEC and 10 allies, including Russia, are debating whether […]