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Data: Factset; Chart: Axios Visuals

Oil prices have resumed their slide in recent days, signaling renewed fears of how much the novel coronavirus will eat into demand.

Why it matters: It's a barometer of how the spreading and sometimes deadly illness is curbing global economic activity.

Driving the news: The latest estimate arrived Wednesday morning when Goldman Sachs analysts cut their 2020 demand growth forecast by 600,000 barrels per day from the prior 1.2 million.

  • This reflects "large demand declines in China, second derivative demand impacts in both OECD and non-OECD Asia, and some mild weather impacts in North America and Europe."
  • "If the coronavirus spreads further globally, then we expect further downside risk to our estimates," they said in a note.

What's next: All eyes will be on next week's meeting of OPEC+, which is the coalition of OPEC, Russia and other allied producers.

  • “OPEC+ may decide to trigger more supply cuts at next weeks meeting, but this may only have a limited effect on oil prices, as demand-side concerns are expected to continue having a major sway on the commodities complex,” FXTM analyst Han Tan tells Reuters.

The big picture: COVID-19 has killed more than 2,700 people and infected over 81,000 others.

  • By Wednesday morning, South Korea had the most cases outside China, with 1,146 infections. Europe's biggest outbreak is in Italy, where 322 cases have been confirmed.

Go deeper: The latest on the coronavirus

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Coronavirus cases spike in Texas, Oregon and Arizona

Data: The COVID Tracking Project, state health departments; Map: Andrew Witherspoon, Sara Wise, Naema Ahmed/Axios

Texas, Arizona and Oregon saw significant spikes last week in new coronavirus infections, while cases also continued to climb in a handful of states where steady increases have become the norm.

Why it matters: Nationwide, new cases have plateaued over the past week. To get through this crisis and safely continue getting back out into the world, we need them to go down — a lot.

Updated Jul 10, 2020 - Health

U.S. coronavirus updates

Data: The COVID Tracking Project; Map: Andrew Witherspoon/Axios

South Carolina restaurants and bars will have to close alcohol sales by 11 p.m., beginning Saturday, under an order issued Friday by Gov. Henry McMaster.

The big picture: The U.S. had another record single-day spike of 63,200 new coronavirus cases from Thursday. COVID-19 cases in South Carolina have increased, with 21,560 cases recorded in the last two weeks.

Updated 7 hours ago - Politics & Policy

Coronavirus dashboard

Illustration: Sarah Grillo/Axios

  1. Global: Total confirmed cases as of 5:30 p.m. ET: 12,607,510 — Total deaths: 562,338 — Total recoveries — 6,948,863Map.
  2. U.S.: Total confirmed cases as of 5:30 p.m. ET: 3,228,884 — Total deaths: 134,600 — Total recoveries: 983,185 — Total tested: 38,919,421Map.
  3. Public health: Jimmy and Rosalynn Carter: "Please wear a mask to save lives" Fauci hasn't briefed Trump on the coronavirus pandemic in at least two months — We're losing the war on the coronavirus.
  4. Food: How the coronavirus pandemic boosted alternative meat.
  5. Sports: Charge of "money grab" by college football.
  6. World: India reimposes lockdowns as coronavirus cases soar.