Spot prices of crude oil were wiped out in March by the accelerated spread of Coronavirus and a Saudi-Russian price war that kicked off in the same month. While both oil giants looked set to dig their heels in and see which country would crack under hyper-low oil prices, the destruction left in their wake was even greater than they had anticipated. Now, both nations look prepared to rekindle some semblance of their OPEC+ agreement to keep benchmark prices from headed into the teens. Though demand is still abysmal, supply-side intervention has the potential to pull crude prices out of the doldrums.
Related ETFs: United States Oil Fund, LP (USO), Energy Select Sector SPDR Fund (XLE)
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