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An oil price war was precipitated by the implosion of an OPEC+ meeting which saw Russia disagreeing with Saudi Arabia to reduce oil production to stabilise the oil price.
The potential effect of the corona virus on global economic growth and demand for oil has caused the oil price to retreat from $65/bbl in January to $50/bbl. Saudi Arabia’s decision to reduce the price on its oil supplies, precipitated the collapse in the oil price to $35/bbl.
LISTEN: Market volatility as oil prices slump, COVID-19 spreads
Investec Treasury Economist Tertia Jacobs and Investec Head of Currency and Derivatives David Gracey, provide indepth analysis into global market volatility amid falling oil prices and the spread of COVID-19.
About the author
Head of Foreign Exchange and Fixed Income Trading
David has more than 30 years of trading experience in South African financial markets. He heads up the FX and FI trading desk, trading in both asset classes, and makes markets to clients in products associated with these asset classes. David also manages the risk associated with this function.