Oil hits a low of $19.20 after the IEA report
That breaks the low for the year of $19.27 set on 30 March as price now flirts with a potential break to its lowest levels in nearly two decades.
The softer risk mood isn't really helping with oil market sentiment but now with the OPEC+ meddling out of the way, there isn't much upside focus left.
The only thing I can point out is that technically, there isn't yet a daily close below the $20 and there's still time left for buyers to salvage something later on in the day.
For now, the downside pressure is self-reinforcing. The softer risk mood is weighing on oil prices while the drop below $20 and fresh lows since 2002 is setting a more negative tone for risk trades to fall further in trading today.
