Risk level: RED
RED: Severe (+/- 4%) ORANGE: High (+/- 3%) YELLOW: Elevated (+/- 2%) BLUE: Guarded (+/- 1%)
Crude oil prices looked set to establish a floor at around $40 per barrel after parties to the latest OPEC+ curtailment measure agreed to hold firm for another month. This round of OPEC+ discussion went forward without the usual nail-biting as the outcome of the meeting was apparent well before ministers met via video chat during the weekend.
Gone are fears of overflowing storage as demand, particularly in China, picks up. Quarantines, meanwhile, are slowly easing