IEA says there is no feasible agreement that could cut oil supply by enough to offset demand losses

Comments by IEA chief, Fatih Birol

  • April may be seen as the worst month ever
  • We may look back and say that April will be known as ‘Black April’ in the oil market
The risk mood continues to sour further after the IEA report, with oil prices threatening a firm break below the $20 level now.
Price is flirting with a drop below the 30 March low at 19.27 and as mentioned earlier, the drop in oil may be enough to set off a further wave of risk aversion in the market.