Swiss investment bank UBS trimmed its Brent oil price forecast for 2020 Friday but said it saw the market recovering from the third quarter as the impact on Chinese oil demand from the coronavirus outbreak ebbs. Brent crude will likely average $56/b during the first quarter and $60/b over the full year, downward revisions of $6/b and $3.50/b, respectively, on previous forecasts, UBS said. Chinese oil demand will likely average 12.1 million b/d during the first quarter, a 1.3 million b/d, or 10%, downward revision to its previous estimate, UBS said. Overall, UBS cut its 2020 global oil demand forecast by 450,000 b/d, or 0.4%, to reflect largely China’s widespread travel bans to contain the virus. “COVID-19 has added a new negative dimension to oil markets,” UBS analyst Jon Rigby said in a note. […]