Observing news today one can easily get disappointed. However, things are getting better.
Analysts: how about $20 for Brent oil?
Oil market crashed after OPEC+ didn’t agree on production cuts. Brent slid as low as to $31.27 a barrel. WTI hit $27.34 a barrel. Both benchmarks haven’t really started to close this week’s bearish gap. What’s next? Let’s see what bank analysts have to say about this.
There will be more volatility in oil prices in the next two weeks as that is when the OPEC’s cuts agreement officially ends. The odds are that during this time oil will remain under pressure. What is happening between Saudi Arabia and Russia is a high-stakes poker game.
Traders should be ready for prices staying below $30 a barrel in the second quarter of 2020. The commodity’s price has no support on the downside and may fall below $25 a barrel. Models now forecast quarter-end 2020 levels for Q1, Q2, Q3 and Q4 2020 at $28.6 a barrel, $32.3/b, $35.6/b and $46.1/b, respectively.
Bank of America
Brent oil may temporarily fall to $20 a barrel range over the coming weeks as there’s a big shift in Saudi's approach: the country has started giving discounts and will probably allow inventories to build.
There’s a unique combination of demand and supply shocks that could send prices into the $20s.
WTI was at $20 per barrel just in the beginning of the day. Currently - above 25$.
27,000 people became unemployed in private sector
The US Non-farm payrolls, also known as NFP, will be published on April 3, at 15:30 MT time.