Oil war: on Monday, oil fell by 30%, after Moscow refused to support the OPEC in reducing oil production. Saudi Arabia has started a price war, announcing large price discounts from $5 to $7 per barrel to buyers from Asia, US, and Europe. It also announced an increase in production from 10 million to 12 million barrels.
In line with this, Rosneft also showed that it is ready to continue the war, announcing an increase in production as well. The price of oil may fall even lower because of it.
This situation, together with the coronavirus epidemic, has brought down the US market by 7%.
Update on the coronavirus: At the moment, there are 32 thousand patients outside China. More than 10% cases (+4000) are added per day.
Main foci - Italy (9,200 patients), South Korea (7,500), Iran (6,500)
Italy is now quarantined.
France and Germany has about 1,000 patients each. Meanwhile, New York has declared a state of emergency.
EUR/USD: after a strong growth, the pair may experience a correction.
Keep purchasing from 1.1100.
Buy more from the rollback from 1.1200.
The material has been provided by InstaForex Company - www.instaforex.com