Due to low oil demand and a rising glut of supply around the globe, oil and natural gas prices are expected to remain low throughout 2020, the global rating agency Moody’s said in a statement on Thursday. 

“The worldwide economic damage from the coronavirus pandemic will persist into the second quarter of 2020, if not longer before economic fundamentals improve in the second half,” the statement said.

Coronavirus-related weak oil demand in the world, coupled with OPEC+ oil-producing countries failing to further cut their outputs, has caused extreme volatility in oil prices, according to Moody’s.

The rating agency said

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