Oil prices dived on Monday overpowering the gains made after major oil producers agreed for output cuts, pressured by concerns that the cuts will be too little to come out of the oversupply situation as the coronavirus pandemic incurs unprecedented slump in global crude demand. This deal was signed after four days of intense negotiations as the OPEC+ group of oil producers, comprising the OPEC countries, Russia and other countries, agreed to curtail their outputs by 9.7 million(bpd) in May and June. Brent crude futures slipped by 1.7%, at $30.96 a barrel by 08:10 GMT after opening at $33.99, however, US West Texas Intermediate (WTI) crude futures fell by 0.5%, to $22.64 but remained oscillating between positive and negative values throughout the day.
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Analyst View on OPEC+ Deal
Analysts believe that the deal signed to introduce production cuts is not enough to nullify the damage caused collectively by the price war and Covid-19. The apprehensions can be easily sensed from the crude prices on Monday which swung between gains and losses as players believe that nothing could offset the 19 million barrels per day average April-May demand loss due to the pandemic. It is henceforth being predicted that crude prices will decline further in the coming weeks as storage capacity becomes saturated and demand remains muted.
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