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Strategies & Market Trends : Dino's Bar & Grill

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To: Goose94 who wrote (78530)	2/29/2020 9:37:31 AM
From: Goose94	Read Replies (1) of 202691

Crude Oil: The meltdown continues. WTI is set to close out the week with the worst loss in four years. For stocks, the losses are the worst weekly performance since the global financial crisis in 2008. Whether this is an overreaction to the coronavirus or not is yet to be seen. Saudi Arabia is pushing OPEC to increase its production cut to 1 million barrels per day (mb/d). Just a few weeks ago, OPEC’s Joint Technical Committee recommended additional cuts of just 600,000 bpd. Riyadh’s proposal would entail Saudi Arabia taking on the bulk of the new cuts. To date, Russia has been reluctant to sign on, but the sharp drop in prices increases pressure on the group.

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