Piling virus concerns drive oil markets into bearish territory, OPEC+ calls urgent meeting

04.02.2020 - Kulakov Vladimir
Piling virus concerns drive oil markets into bearish territory, OPEC+ calls urgent meeting

Piling virus concerns drive oil markets into bearish territory, OPEC+ calls urgent meeting

Oil prices fell at nearly $50 a barrel as concerns on the coronavirus drove it into a bearish market. On Tuesday, OPEC called for an urgent meeting with its allies in order to measure the impact of the virus on global demand.  

Technical experts from the OPEC+ coalition will meet in Vienna later in the month to consider the probability of new output cuts.

“The coronavirus is prompting growth downgrades around the world and oil demand is taking a big hit,” said economist at Oversea-Chinese Banking Corp in Singapore, Howard Lee. “It looks highly likely to me that OPEC+ will extend its production cuts from March to June. It’s a logical response given how depressed prices are now.”  

Risk disclaimer "Market Solutions Ltd – Suite 305 Griffith Corporate Centre P.O. Box 1510 Beachmont, Kingstown, St Vincent and the Grenadines is a financial services institution outside the European Union Area, which is subject to the supervision of the IFMRRC Certificate 0395 AA V0128 Trading in Forex/ CFDs and Other Derivatives is highly speculative and carries a high level of risk. It is possible to lose all your capital. 70% of trading deals can be unprofitable. These products may not be suitable for everyone and you should ensure that you understand the risks involved. Seek independent advice if necessary. Speculate only with funds that you can afford to lose. This Website may contain information in particular regarding financial services and products that could be regarded b a E.U. supervisory authority as an offer of financial services targeted in Europe. ESMA intervention measures do not apply to customers of Market solutions Ltd and it is your responsibility to choose a company which is most suitable for your trading needs. By clicking continue you confirm that you have read, understood and agree to the risk disclosures, terms of service, cash policies, privacy policies and this notice and that you are visiting this website on your own initiative, without any encouragement whatsoever from Umarkets.com or Market Solutions limited." Cookies notification: “We use cookies to ensure that we give you the best experience on our website. If you continue to use this site we assume that you are happy with it. Continue
×

Help with deposit?