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What was up until recently considered an outbreak is threatening to reach the state of an epidemic as we see the coronavirus wreak more and more havoc on the global markets, and especially on the oil price chart.
The oil price in March 2020 in particular has suffered an immense blow. On Monday oil prices fell a whopping 20% as the number of COVID-19 has been rising at an alarming rate. But it’s not just the coronavirus and oil correlation that has caused prices to plummet. Disagreements surrounding production cuts between OPEC and allied countries have certainly had an effect on the oil price analysis as well.
Specifically, Russia has declined to decrease its output. And we’ve seen other production giant Saudi Arabia promise to sell at a discounted price and even increase its production. This standoff between the two major producers can last for up to several months, experts fear, which will without doubt further impact the oil price forecast.
Watch our full oil chart analysis and see what you can expect in the weeks ahead.
Let us know your thoughts on this latest oil price technical analysis in the comment section below. And don’t forget to like and share this video! If you’re new here, subscribe to the Capital.com channel for the latest oil price news and the update oil price.
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