Japan has likely slipped into recessionJapan is likely already in recession and this manifested itself before coronavirus. Now coronavirus is popping up at various areas of Japan with no apparent relationship in how people became infected. With Japan’s strong work ethic people will continue to work while sick, making the country particularly vulnerable. Japan is the world’s 4th largest oil consumer. South Korea, the world’s 8th largest oil consumer, is not far behind imo for much of the same reasons.
We are already well aware of the continuing standstill of commerce in China. Oil prices have much more declines ahead imo with Brent suffering the most. I believe Brent will drop below WTI and stay below WTI for an extended period of time.
This week is key for Japan concerning coronavirus and thus key for already-suffering oil demand. JMHO. GLTA.
https://www.bloomberg.com/news/articles/2020-02-19/as-cases-mount-japan-is-rapidly-becoming-a-coronavirus-hotbed