Fundamental traders will analyze OPEC, Russia and Saudi Arabia’s coordinated a supply cut. But the defining catalyst during Coronavirus could well be the plunge in demand as oil prices struggle to recover. Oil is for moving and the world has come to a stand-still. From 1929 to 1934 the price of crude dropped almost 90%, from $2 to $0.25c. So, until the world starts moving, it is demand, or the lack thereof, which will determine the price of oil. As a technical trader I will look at shorter timeframes for short term retracements.
