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Another day brings another drop in the oil price chart as Russia and Saudi Arabia decide to postpone a conversation about the current price situation. And the ongoing global lockdown due to the COVID-19 pandemic has brought economies to a standstill, which only further aids the downward movement in the oil chart analysis.
Thus, the coronavirus and oil correlation is also heavily pressuring the market. And these are the two leading factors that will be determining the oil price chart analysis in April 2020.
But this recent delay in talks regarding the oil price war between the two major producers has led to oil prices dropping a steep 3% in just one day. The talks are now set to take place this Thursday after President Trump announced that if the sides don’t come to some solution, he would impose tariffs on oil imports in order to protect US jobs.
However, there is a light at the end of the tunnel for the oil price in April 2020. In an interview for CNBC, the chief executive of the Russian Direct Investment Fund assured both Russia and Saudi Arabia were getting very close to reaching an agreement. And with any luck, this agreement will be reached this week and we still might see some positive changes in the oil price analysis.
Watch the full video for our take on the oil price forecast and let us know what you think in the comments.
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