The crude oil price continues to suffer in the wake of the global coronavirus pandemic. The last few months have seen the oil price chart plummet, with a few minor unsuccessful attempts to recover here and there. And further impacting the oil chart analysis is, of course, the ongoing oil price war between Russia and Saudi Arabia.
As demand is continuously dropping, we’re currently witnessing storage tanks fill up to the brim across the world with sky-high storage costs. And from the looks of it, this first half of the year the global oil market will far exceed its storage capacity – by 200 million barrels! So it’s only a matter of (little) time before producers are going to have to dramatically reduce production. And most analysts agree that this should trigger a rebound in the oil price analysis.
So far oil prices are down by over 40% this month, which is as low as they’ve been in 17 years. And according to experts, demand is only going to plummet further, at an even more alarming rate and the oil price chart will likely drop well below $20 a barrel. However, those same experts predict a stark rebound once the world returns back to normality. And the oil price forecast for the fourth quarter of 2020 already is said to be back at $40.
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