Investors will be focused on the planned meeting of oil producers scheduled for 9 April. Strategists at ANZ Bank see the likelihood of any coordinated supply response as very small. Key quotes “OPEC called for a meeting of the old OPEC+ alliance for Monday 6 April but the cracks started to appear early. The OPEC meeting has been moved to Wednesday 9 April; and, while the meeting is open to any producer, there is uncertainty surrounding involvement of the US shale industry.” “We believe the actions are too little, too late. The market is already awash with crude, with physical spot prices struggling. We also believe any agreement on production cuts will have minimal impact on the oil market.” “The closing of borders and lockdowns has had a catastrophic impact on oil demand. Flight activity has fallen by more than 60% over the past month, while traffic in the US and Europe is down 60% and 45% respectively. Overall, we calculate world crude oil demand has fallen by about 20mb/d.” 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 Gold Futures: Extra gains losing traction FX Street 2 years Investors will be focused on the planned meeting of oil producers scheduled for 9 April. Strategists at ANZ Bank see the likelihood of any coordinated supply response as very small. Key quotes “OPEC called for a meeting of the old OPEC+ alliance for Monday 6 April but the cracks started to appear early. The OPEC meeting has been moved to Wednesday 9 April; and, while the meeting is open to any producer, there is uncertainty surrounding involvement of the US shale industry.” “We believe the actions are too little, too late. The market is already awash with crude, with physical… Top 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.
