28.04.2020 Brent Oil Daily Analysis

28.04.2020 Brent Oil Daily Analysis

Brent Oil 22.02usd, -1.05 ,-4.55% Today Oil prices slumped again and Brent oil went down with almost 5% and it is trading at 22.02usd. This was triggered by the concerns circulating on the shortage of storage to store the oil and the fears were heightened by the fears that oil demand might be slow to pick up as countries are now starting to ease the lockdown restrictions that were imposed on countries, businesses and people to curb the spread of the virus. The Organization of the Petroleum Exporting Countries (OPEC) and allies led by Russia had a meeting in which they agreed to cut the oil production with almost 10 million barrels per day starting from the 1st of May but it seems as if that cut is not enough to bring back the prices of oil or balance the slowing down of the demand which was 30million barrels per day due to the coronavirus restrictions.