The massive drop in demand for petrol in the world due to the global coronavirus pandemic has hit the oil chart analysis quite severely. And the longstanding crude oil price war between Saudi Arabia and Russia certainly wasn’t helping matters either.
But at long last the two sides agreed to slash production by a record-breaking 10 million bpd this Thursday, which was expected to bring some stability to the oil price chart. However, Mexico took on the role of the wild card and stormed out of the meeting without agreeing to the production cuts. In turn, this caused oil prices to drop further. In fact, the WTI oil price analysis fell over 9% – just ahead of a market holiday.
OPEC+ is due to return to negotiations today, Friday, April 10th, and the outcome of this impending meeting may largely define the oil price forecast for the upcoming weeks and possibly months.
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