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- Oil: Prices should remain depressed – ANZ
Oil: Prices should remain depressed – ANZ
FXStreet reports that in the opinion of strategists at ANZ Bank, oil markets are expected to remain volatile as the market contemplates the new production cut agreement.
"The final 9.7mb/d cut in output is still the biggest coordinated supply agreement the market has ever seen. G20 producers also agreed to reduce output; however, they failed to set any individual targets."
"An end to the price war and this resultant supply agreement should support prices in the short-term."
"However, it fails to completely fill the hole left by the hit in demand from COVID-19. This should see prices remain depressed as inventories continue to rise in coming months."
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