US oil prices have plummeted to their worst levels seen in over 21-year years, as the Coronavirus continues to impact the no-longer ‘black gold’.
In terms of asset classes, the oil sector has been hit the worst in comparison to some other major markets. Given many economies have been ground to a halt over the last couple of months, there has been no demand.
Land and air travel at present remains next to none, something, of course, that has been very friendly to the planet, however damaging economically. Price pressures were added, given announced OPEC production cut not being deemed as enough by the market.
In the FX markets, oil-linked currencies are also underperforming; CAD and NOK, being dragged to the downside, with this fall in oil prices.
As noted in our last blog post, there were grim forecasts from the Organization of the Petroleum Exporting Countries (OPEC) and the International Energy Agency on the outlook for oil consumption, further reinforcing the bearishness.
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