The impact of coronavirus on the global economy is growing and it also seems to have made the oil market vulnerable. What can traders expect? Gain insight as HYCM’s analyst has shared his insights on today’s crude oil price forecast.
Crude oil price forecast: Oil trying to bounce
There had been some expectation last week that Russia would agree to OPEC+ cuts of 600K, but that hope has now faded. Russia needs oil at about $40 a barrel vs Saudi needing oil prices around $80 a barrel to balance their budgets, so Russia will only move on production cuts if they really see the need. Right now, they are happy to ride out the coronavirus, if possible.
2 factors that could impact crude oil
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