After the OPEC + meeting failed to conclude a new production reduction agreement, the risk of an even greater supply glut triggered profit taking on long positions and prices. have been pushed down, report ABN Amro strategists.
“Global demand for oil has dropped and expectations are that in Q2, even between 10 and 15% of global demand will decrease. This brought prices down to the 2002/03 low. “
“We have revised our oil price forecasts downwards. Oil prices will remain volatile for the coming months and may see further downward pressure. ”
“We think it will be temporary and a rebound in the price of oil to around USD 45 / barrel could be observed as soon as the measures against coronaviruses are reduced and the economy begins to recover.