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OILX - Oil Price Might Go Negative - Bullish For WTI
UBS AG London Branch ZC SP ETRACS REDEEM 22/02/2046 USD 25 - Ser B
Coronavirus and the oil price war
We know the global economy is slowing down as a result of Covid-19. This is a negative for oil prices. We also know that Saudi Arabia is opening the pipelines to flood the market. As far as we know, this is to "punish" Russia for not maintaining the cartel by production cuts at this moment of declining prices.
Oil is, at pixel time, down to some $25 a barrel. This is not going to be sustainable for many producers. This is what we know so far.