This seems premature
Saudi Arabia's energy minister says they are closely monitoring developments in the global oil market resulting from 'gloomy expectations' about the impact of new coronavirus, according to a statement.
He said the current impact on the oil market is currently driven by 'psychological factors' and expectations despite current limited impact on global demand.
he noted that the kingdom and other OPEC producers have the capability and flexibility if needed to respond.
The oil chart is a mess. I don't see how the November low of $53.71 can hold in this environment and the Oct low below that is $50.99. There are cities with 50 million people that are completely shut down and there are 1.2 billion people in China who are going to be traveling much less than usual for the next few weeks and that's the best-case scenario.
