Oil Market Cannot Be Saved With Oil-Linked Currencies Set For Damage

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.



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