06.03.2020 Brent Oil Daily Analysis

06.03.2020 Brent Oil Daily Analysis

  BRENT OIL .47.89usd,-210,-4.20% Today brent oil went down with almost five percent from 49.69usd in the morning to 47.89usd  this is because there is a very low demand of oil due to coronavirus that has spread globally, The major cause of oil to go down is on the results that came out after the OPEC meeting that was held in Vienna yesterday. The OPEC meeting failed to give gains to oil even though they agreed on a deeper cut of 1.5million barrel per day but this was conditional because the other 500,000 barrels were supposed to be coming from Russia but Russia is said to not have agreed yet and if Russia does not cooperate all hopes for oil prices to go up will be doomed and that is why already it is going down and this is likely going to support the union that has been supporting oil prices and keep them balanced since 2016.