Oil has fallen more than 20% this year as the coronavirus hit a market currently having excess supply. Investors are assessing whether the OPEC and its allies will be able to agree on deeper output cuts at a meeting in Vienna next week. WTI Crude is $47.71; Brent is $52.30.
A meeting OPEC + next week is taking on even greater significance as the market waits to see if the alliance will agree to deeper and longer production cuts to counter a slump in demand. WTI Crude is $49.19; Brent is $53.94.
Risk appetite appears to be growing again on the markets; however, the Covid-19 virus and resulting risks to demand cannot be expected to disappear from the news any time soon say financial analysts. WTI Crude is $51.39; Brent is $56.23.
People are concerned about the virus and the impact on demand, but the expectation of the market today is that it’s not going to get significantly worse than what we’ve seen, say some market makers. WTI Crude is $51.28; Brent is $56.07.
The ultimate positive for the market will be the epidemic dying down; however, it’s impossible to properly assess the impact on oil demand three to six months down the line, say analysts. WTI Crude is $52.91; Brent is $58.20.
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