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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

Go deeper

Updated 28 mins ago - Politics & Policy

Coronavirus dashboard

Illustration: Sarah Grillo/Axios

  1. Global: Total confirmed cases as of 3 a.m. ET: 31,032,045 — Total deaths: 960,729— Total recoveries: 21,255,717Map.
  2. U.S.: Total confirmed cases as of 3 a.m. ET: 6,805,342 — Total deaths: 199,511 — Total recoveries: 2,590,671 — Total tests: 95,108,559Map.
  3. Politics: Testing czar on Trump's CDC contradictions: "Everybody is right" Ex-FDA chief: Career scientists won't be "easily cowed" by political vaccine pressure.
  4. Education: What we overlooked in the switch to remote learning.
  5. Health: The dwindling chances of eliminating COVID-19 — 7 states set single-day coronavirus case records last week.
  6. World: England sets £10,000 fine for breaking self-isolation rules — The countries painting their pandemic recoveries green.
Updated 47 mins ago - Politics & Policy

Biden raises $141 million more than Trump

Combination images of President Trump and his 2020 presidential rival Joe Biden. Photo: Sarah Silbiger/Getty Images/Alex Wong/Getty Images

Joe Biden's campaign, the Democratic National Committee and joint fundraising committees raised $466 million cash on hand, the presidential candidate's team announced late Sunday.

Why it matters: President Trump's campaign raised $325 million cash on hand, his campaign communications director Tim Murtaugh announced Friday. In the spring, Biden was $187 million behind Trump and the Republican National Committee.

Virtual Emmys address chaotic year for American TV and society

Emmy Host Jimmy Kimmel during rehearsals Friday for the 72nd Annual Emmy Awards at the Staples Center in Los Angeles. Photo: Al Seib/ Los Angeles Times via Getty Images

The Emmy Awards Sunday night addressed the major U.S. issues this year — including the protests on systemic racism and police brutality, the wildfires engulfing parts of the West Coast, the census, the pandemic, essential works and the election.

Why it matters: Award shows have always addressed wider cultural issues, but this year — amid unprecedented stress and uncertainty — that trend has accelerated.