Quiet week ahead for Oil

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CORONAVIRUS IMPACT

Weak oil demand may continue to plague sentiment in the coming days.

The oil market is likely to stay quiet.

Looking ahead, the market may still face downward pressure from weak demand and doubts over an economic recovery, according to analysts.

The oil market has seen difficulty in moving higher and the bearish situation may persist due to seasonal factors in the markets.

The Organization of Petroleum Exporting Countries is expected to meet Wednesday in Vienna. With crude prices around $68 a barrel but inventories still well above normal levels, oil producers are expected to keep output restraints in place.

If that really happens, the market probably won’t have much reaction, as that has pretty much been factored in.

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