Dear Oil Producer Countries, Hold Your Breath

Updated

Oil (Brent and WTI) has been continuously lower since OPEC and Russia disagreed with each other at the same time as the first outbreak of Corona in Wuhan, China.

The dispute continues, Arab Saudi pumps more oil and pushes oil price to reach lower at $20 - $30 per barrel.

I think this is a holding breath contest. A country that can withstand lower oil (without breaking its' budget) wins.

Note

Oil jumps as Trump talks up truce hopes for Saudi-Russia price war

SINGAPORE (Reuters) - Crude oil futures surged on Thursday after U.S. President Donald Trump said he expected Saudi Arabia and Russia to reach a deal soon to end their oil price war and Russian President Vladimir Putin called for a solution to "challenging" oil markets.

Brent crude futures rose 5.9%, or $1.46, to $26.20 as of 0418 GMT, while U.S. West Texas Intermediate (WTI) crude futures were up 4.6% or 94 cents, at $21.25.

Trump said he had talked recently with the leaders of both Russia and Saudi Arabia and believed the two countries would make a deal to end their price war within a "few days" - lowering production and bringing prices back up.

He also said he would be meeting with oil executives, where he is expected to discuss a range of options to help the industry amid the sharp hit to demand as the coronavirus outbreak has hammered industrial activity and kept cars off the road.

Speaking at a government meeting on Wednesday, Putin said that both oil producers and consumers should find a solution that would improve the "challenging" situation of global oil markets.

investing.com/news/commodities-news/us-crude-oil-futures-up-48-support-at-20-2128432

Note

UKOIL needs to Break Resistance $43 to starts Uptrend

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