The demand destruction brought on by the coronavirus outbreak across the globe is simply too large and is unlikely to be fully compensated by any OPEC+ output cut deal. Hence, analysts at Goldman Sachs are of the opinion that oil price rallies on potential output cut agreement, if any, would be transient. Key quotes Larger headline cut of close to 15 million barrels per day (bpd) would be much harder to achieve. A headline cut of 10 million pbd would not be sufficient and would require at least 4 million bpd of price-induced cuts to rebalance the market. Oil price rally, if any, would be short-lived and will likely end up paving the way for a deeper drop, boosting downside risks to our near-term West Texas Intermediate (WTI) target of $20 per barrel. OPEC+, a loose organization of 24 oil-producing nations led by Saudi Arabia and Russia, is widely expected to agree to some kind of output cuts on Thursday a bid to put a floor under prices. 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 USD/JPY holds in neutral territory awaiting Fed’s Powell FX Street 2 years The demand destruction brought on by the coronavirus outbreak across the globe is simply too large and is unlikely to be fully compensated by any OPEC+ output cut deal. Hence, analysts at Goldman Sachs are of the opinion that oil price rallies on potential output cut agreement, if any, would be transient. Key quotes Larger headline cut of close to 15 million barrels per day (bpd) would be much harder to achieve. A headline cut of 10 million pbd would not be sufficient and would require at least 4 million bpd of price-induced cuts to rebalance the market. Oil price… 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.
