The price of crude oil consolidated above the psychologically important support level at 30 dollars per barrel for the third consecutive day. The temporary stabilisation in the market follows the outbreak of the new oil price war between Russia and Saudi Arabia.
The spat between the two countries started after Russia refrained from cooperating with the OPEC member-states at the 178th conference of the Organization in Vienna last Thursday.
After the negotiations for the adoption of necessary countermeasures against the negative impact of the coronavirus epidemic on the oil industry broke off, Saudi Arabia decided to corner Russia by boosting its production output in a decisive U-turn in its policy.
Crude oil prices tanked as a result, and at the present moment, it appears that both countries are bracing for a likely sustained conflict. Both Saudi Arabia and Russia are preparing further to bolster their own production capabilities in a bit to outpace the other.
The immediate outcome from the international discord has increased the adverse volatility in the oil market tremendously. What is even more worrisome is that the increasing uncertainty is more than likely to impede the global efforts to tackle the economic fallout from the spread of the coronavirus.
Some experts have even argued that oil could go as low as 20 dollars per barrel; however, at the current moment, the dowsing appears to be halted above the aforementioned support.
Crude Oil 1M Price Chart. Image source: Trendsharks ©, created with TradingView.com
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