mo4ch:>April could be WORST MONTH EVER for oil | Mo4ch News
Oil producers are facing their worst crisis in history, but the market is not at a bottom yet, according to several analysts.The millions of barrels of additional supply promised by Saudi Arabia will take time to reach their destination. On the demand side, major economies have only begun to slow down, and the gaping hole where the economy once stood is expected to widen. A growing number of analysts say that the global economy is already in a recession.“Even just a week ago, it was difficult to imagine how oil market conditions could become significantly weaker,” Standard Chartered wrote in a note. “However, over the past week the restrictions placed on mobility by European and North American governments as part of their coronavirus response have significantly magnified the negative demand shock.”Analysts say that the month of April could see the largest supply overhang in the history of the oil market.“We now expect the y/y demand loss to peak in April at 10.4 million barrels per da…