Oil forecasts uncertain as Europe locks down again
Last time Europe started shutting down, the oil price tanked. Not long after, futures contracts in the US reached negative territory due to a lack of storage space, and producer earnings crashed. Conditions are not as dire as in March and investors are now much more cautious about oil, but the actual risks are similar. Of course, the first shutdown covered a far greater area than just Europe, but these new restrictions will have an impact on oil demand.
Source: Investors Chronicle