CL futures dipping under $20
The news for oil has been bearish for a while now, not just the demand side with coronavirus impacts but also the supply side - a few weekends ago I posted on Saudi ramping up production and the latest is there is no sign of this changing any time soon - this from this weekend!:
Other:
- Pipeline operators asking oil producers to reduce output, growing glut is overwhelming storage capacity
- FT: Global petrol demand set to drop as much as 50% in some key markets
If you are looking for a bottom in oil you might take comfort from the trade lower here is in the early hours of the week, which is not a time of great liquidity for pretty much any trading instrument.
