Oil prices have to extend their relentless tumble, with WTI dropping below $13 per barrel. The lockdowns imposed to curb the spread of coronavirus have crushed demand for the black gold.
The OPEC+ agreement between Saudi Arabia, Russia, and others, has only temporarily halted the sell-off. However, implementation of the accord begins only in May and storage is filling up. Moreover, the cut of around 10 million barrels per day seems insufficient amid a fall of double or triple in demand.
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