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

Last Friday's #crude oil drop was the biggest in 5 years.

Tonight's drop will make Friday's drop look like peanuts. #OOTT #WTI $USO pic.twitter.com/u7RowqNjMa

— 🔴 I. Vodenitcharov CFA CMT (@iv_technicals) March 8, 2020

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.

 

Some people are getting nervous now… pic.twitter.com/b5Q2KfUrKA

— Numbers Stations (@Spy_Stations) March 8, 2020

Phase 2 begins….