An agreement was finally struck on Sunday afternoon to address the collapse of oil demand due to the pandemic, strategists at TD Securities report. Key quotes “OPEC+ has committed to cut 9.7 million b/d between May and June; 8 million between July and December; 6 million from January 2021 to April 2022.” “We project demand to decline by roughly 6.5 million b/d in 2020. Given that most of the shock will occur in Q2, our model predicts a surplus of some 9.7 million b/d despite the aggressive historic supply cut agreement.” “We are still comfortable with our estimate that WTI is unlikely to trade north of $30/bbl and $39/bbl for Brent. In fact, we are projecting a mid-$20s price for WTI (near $30 for Brent) during Q2.” 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/CNH remains focused on the 7.0350 level – UOB FX Street 2 years An agreement was finally struck on Sunday afternoon to address the collapse of oil demand due to the pandemic, strategists at TD Securities report. Key quotes “OPEC+ has committed to cut 9.7 million b/d between May and June; 8 million between July and December; 6 million from January 2021 to April 2022.” “We project demand to decline by roughly 6.5 million b/d in 2020. Given that most of the shock will occur in Q2, our model predicts a surplus of some 9.7 million b/d despite the aggressive historic supply cut agreement.” “We are still comfortable with our estimate that WTI… 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.
