As if the demand shock from the coronavirus was not enough, oil markets are now being battered on the supply side as well due to the nearly four-year agreement between OPEC, Russia, and others to cut supply and support the market, has come to an abrupt end over the weekend, strategists at TD Securities report. Key quotes “As Saudi and other OPEC members pushed for a 1.5m bpd cut to combat the virus demand shock, Russia refused to cut further, instead opting to stop providing support for US shale.” “In light of Russia’s refusal, Saudi Arabia retaliated by lowering selling prices by the most in at least 20 years, offering large discounts to Europe, the Far East, and the US at the expense of Russia, and starting an all-out price war.” “Prices have tanked into the low $30/bbl range, with $20/bbl oil not out of the question as both supply and demand factors weigh heavily on markets. “In terms of CTAs, we do not expect any material moves as funds were already positioned extremely short in the complex, and elevated volatility will keep excess positioning in check for now.” FX Street FX Street FXStreet is the leading independent portal dedicated to the Foreign Exchange (Forex) market. It was launched in 2000 and the portal has always been proud of their unyielding commitment to provide objective and unbiased information, to enable their users to take better and more confident decisions. View All Post By FX Street FXStreet News share Read Next NZD/USD recovers over 300 pips from decade low set earlier, refreshes daily tops FX Street 3 years As if the demand shock from the coronavirus was not enough, oil markets are now being battered on the supply side as well due to the nearly four-year agreement between OPEC, Russia, and others to cut supply and support the market, has come to an abrupt end over the weekend, strategists at TD Securities report. Key quotes “As Saudi and other OPEC members pushed for a 1.5m bpd cut to combat the virus demand shock, Russia refused to cut further, instead opting to stop providing support for US shale.” “In light of Russia's refusal, Saudi Arabia retaliated by lowering selling… Regulated Forex Brokers All Brokers Sponsored Brokers Broker Benefits Min Deposit Score Visit Broker 1 $100T&Cs Apply 0% Commission and No stamp DutyRegulated by US,UK & International StockCopy Successfull Traders 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 2 T&Cs Apply 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 3 Recommended Broker $100T&Cs Apply No deposit or withdrawal feesTrade major forex pairs such as EUR/USD with leverage up to 30:1 and tight spreads of 0.9 pips Low $100 minimum deposit to open a trading account 9 Visit Site FreeBets ReviewsYour capital is at risk. 4 T&Cs Apply Visit Site FreeBets ReviewsYour capital is at risk. 5 Recommended Broker $0T&Cs Apply Trade gold, silver, and platinum directly against major currenciesUp to 1:500 leverage for forex trading24/5 customer service by phone and email 9 Visit Site FreeBets ReviewsYour capital is at risk.