Last Friday’s #crude oil drop was the biggest in 5 years. Tonight’s drop will make Friday’s drop look like peanuts.

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Oil now a ‘bigger problem for markets than the coronavirus,’ analyst says

  • Oil prices plunged on Friday as OPEC and its allies failed to reach an agreement on production cuts.
  • “Crude has become a bigger problem for markets than the coronavirus. It will be virtually impossible for the SPX to sustainably bounce if Brent continues to crater,” Vital Knowledge founder Adam Crisafulli said Sunday.
  • Morgan Stanley forecasts Brent falling to $35 per barrel in the second quarter, with WTI trading as low as $30 per barrel. The firm’s prior forecast had Brent at $57.50 and WTI at $52.50.

 

Phase 2 begins….

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