Oil now a 'bigger problem for markets than the coronavirus,' analyst says

Many on the Street expected OPEC to step in with deeper production cuts in an effort to prop up prices. But after talks collapsed on Friday — OPEC ally Russia refused to agree to the proposed additional production cuts of 1.5 million barrels per day — there could now also be issues on the supply side.

"As from 1 April we are starting to work without minding the quotas or reductions which were in place earlier," Russian Energy Minister Alexander Novak told reporters Friday at the OPEC+ meeting in Vienna, before adding, "but this does not mean that each country would not monitor and analyze market developments."

WTI is currently in bear market territory after falling 38% from its recent high, and analysts say prices still have further to fall.

ScottWapnerCNBC Comparing oil prices to a pandemic. 🤕😞 Stay safe all, a country like Italy quarantining 25% of entire population 😳 I’m hopeful the American spirit can be strong 💪🏽 COVID19

Sounds good. Cheap gas and it hurts the Russians and The Middle East.

Gas in Los Angeles will still sell at $4

Who cares the consumer wins. Thanks Russia

One strike in green zone on Monday and oil will that’s the trend we have seen so far

CdnxTracker cc: TMTteammoney

ScottWapnerCNBC The “summer driving season” will be the excuse 2 months from now when oil snaps back.....between mortgage refi’sand low gas price, nice savings for consumer righ now

It is the only positive thing of the coronavirus that this black plague, hopefully forever disappears from the economy and from our lives and environmentally friendly energy sources like renewable energy or hydrogen takes its place.

Will we have a ‘Bloodbath’ for Crude Oil tomorrow..It is possible to see the 2016 low of $27.70 this week crudeoil

Everyone should get their heating oil now, before they intervene and drive the prices up again.

Solar wind and hydro power never cause these problems

Seriously one deals life and death and one deals with movement of Economy..both of them have got importance rather it be Covid-19 or Crude oil .

The price of oil will come back in few months. Demands vs Supply.

Just say that again in a week or 2

Capitalism has already destroyed everything else, now it's eating itself.

Yeah I doubt that

aww you can't price gouge us for fuel anymore... ThankYouRussia

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