Overproduction + Surplus + world shut down + blaming game. At this point oil is not being traded for but by a random tweet.
Major oil producers including Saudi Arabia and Russia are likely to agree to cut production at a Thursday meeting but only if the United States joins the effort, three OPEC+ sources told Reuters on Monday. (Reporting by Diane Bartz; Editing by Sandra Maler)
Obviously -The president said that OPEC had not approached him with such a suggestion but said that U.S. oil production had already fallen. “I think it’s happening automatically but nobody’s asked me that question yet so we’ll see what happens,” the president told a press briefing.
While the planet is quarantined, the production never stopped. Even if they agree to cut 10-15M barrels, it still wouldn't matter
U.S. - 13 million b/d (end-March)
Saudi Arabia - 12 million b/d (April)
Russia - 11.29 million b/d (March)
Brazil - 3.06 million barrels a day (February)
Norway - 2.07 million barrels a day (February)
Canada - 5.78 million barrels a day (February)
Iraq - 4.62 million barrels a day (March)
U.A.E. - 3 million barrels a day (March)
Kuwait - 2.67 million barrels a day (March)
Nigeria - 1.93 million barrels a day (March)
But then again, I could be dead wrong and the market might move the opposite based on a toilet tweet :). this is just for my information. Please do not use this as trading tool. I'm here to learn new ways to look at chart patterns.