Oil prices continue to take a dive, slipping to a new 18-year low as gloomy demand outlooks persist, even following the historic production cut announcement by OPEC plus. In the latest week, looking at WTI crude oil, it has fallen almost 30%, still, as the coronavirus pandemic continues to devastate economies around the world, it very much appears these cuts will not be enough to prop up oil prices.
Furthermore, there a number of dismal outlooks are pulling oil prices down further. On Wednesday, in a report, the International Energy Agency estimated that in April, global demand will fall by 29 million barrels per day. Following this, on Thursday, OPEC itself said that global oil demand would fall to a 30-year low in the second quarter as coronavirus continues to weigh on the commodity. Finally, another massive blow for the oil industry; on Friday, China's economy suffered its first contraction in 28 years, falling 6.8%. China is the biggest importer of oil, meaning that any slowdown in demand from the country will have a negative impact on prices.
WANT TO BECOME AN ALL-ROUND TRADER?!
Fundamentals are not easy to master, which is why we wanted to make them greatly understandable for the everyday person.
Our fundamental course, helps anyone understand them, all curriculum is very much fun, informative and packed with much energy. It will help you transition into an all-round trader, implementing fundamental and technicals to provide the edge when trading.
Click here to get started today!
We cover fundamental and technical analysis every single day for our members. Click here to view our membership packages.