US Oil
US Oil has had 6 days of losses in a row and price is trying to find a base this am alongside the general hopes of central bankers about to step up and ease rates across the world to fight the impacts of the coronavirus. See the chart below:
OPEC Meets in Vienna this week
OPEC is meeting in Vienna on Thursday this week and there is a chatter of a 1m b/d cut in production rates. Russia was sounding a little more friendly before the weekend. However, prices are at an acceptable level for Russia, so they are in no rush to cut production. Any pick up in oil prices will reassure Russia that the current storm can be weathered.
Oil Demand is low
With oil demand growth low and the Chinese PMI's out over the weekend showing that rapid fall in production oil should find sellers on retracements this week unless OPEC can pull out a large production cut surprise.
