Oil is down to its lowest levels since 2003
A firm break below the key daily support from the 2016 low @ $26.05 will open up yet another slippery slope for oil with talk of $20 likely to follow soon enough.
With Saudi Arabia and Russia continuing their cold war, this will continue to put pressure on oil prices until either party is forced to cave in and walk back to the negotiating table.
In turn, the global economy still being heavily hit by the virus outbreak is also not going to help with the current oil outlook. The bright side is that China is starting to come back online, but if the rest of the world is locked down, it is hard to see oil sustain a meaningful bounce.
