World Bank Sees Lasting Commodities Shock From Coronavirus
- Energy prices to decline 40% in 2020 as lockdowns hit fuel use
- Oil faces structural change from border checks, remote working
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Global commodities markets face lasting disruption because of the coronavirus outbreak, which will hit the energy sector particularly hard, according to the World Bank.
Energy prices will be 40% lower this year than in 2019, the Washington-based institution said in a report. Oil’s collapse will be followed by the “weakest recovery in history,” it said.