Oil prices have plunged to multiyear lows Friday and fell for the fifth consecutive session as an increasing number of new coronavirus cases outside of China have exacerbated concerns of a global economic slowdown and lower demand. WTI has declined over 10.4% through Thursday and is on pace for its lowest closing price since December 2018. With oil in a bear market, OPEC and Russia are set to meet in Vienna next week to assess further productions cuts following a meeting earlier this month where Russia previously opposed any action. The market remains bearish trend with today’s range seen between 44.76 – 51.46.

Crude Oil Apr ’20 Daily Chart
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Alex Turro

Senior Market Strategist

Alex began his career with an IB at the Chicago Board of Trade after graduating with a BA/BS from Indiana University. He then went on to work for a proprietary trading software company before joining RJO Futures as a Market Strategist.

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