The Fitch Ratings agency lowered its oil price forecast for 2020 and 2021 Thursday because of the spread of the coronavirus and growing crude oversupply.

The rapid spread of the virus has weakened the global economic outlook and oil demand in the short-term, resulting in “very large oversupply,” said the global rating agency.

“The oil market is under pressure from both shrinking demand and growing supply. Much lower economic activity due to the unprecedented lockdowns in much of Europe, the U.S. and many other countries is significantly reducing oil consumption,” it said.

“We expect demand to fall by several

Read more: Fitch lowers oil price forecast on COVID-19, oversupply