Oil prices fell on Thursday after OPEC lowered its global oil demand forecast due to the “historic shock” delivered by the coronavirus outbreak.

Before the Organization of the Petroleum Exporting Countries released its latest forecast, global benchmark Brent futures were up over $1 a barrel as investors hoped record builds in U.S. inventories would prompt producers there to cut output quickly, according to CNBC.

Brent crude fell 23 cents, or 0.8%, to trade at $27.46. West Texas Intermediate crude fell 6 cents to trade at $19.81 per barrel, reversing earlier gains.

OPEC said in a monthly report it now expects global demand to contract by 6.9 million barrels per day (bpd), or 6.9%, in 2020, and noted the reduction may not be the last.

Last month, OPEC projected a small increase in demand of 60,000 bpd.

OPEC and its allies, including Russia, a group known as OPEC+, agreed over the weekend to reduce output by 9.7 million bpd for May and June.