FOREX Market Outlook: OIL SLIPS FURTHER ALONG WITH THE STOCK MARKETS
In this week’s forex market outlook we take a look at the recent volatility in the markets and if the stock market fall is about to find a bottom.
Another chart to keep a close eye on is BRENT CRUDE OIL. The commodity continues to fall in line with the risk-off sentiment in the market and the price war between Saudi Arabia and Russia after the breakdown in recent meetings. Saudia Arabia slashed oil prices by the most in 30 years and stated they can increase production to 12 million barrels a day.
This threw the market into chaos with Oil prices falling over 20% today.
The price is now trading back at the 2008 lows and looks likely to head towards the 2016 lows of $35.00.
Some analysts believe we could see Oil prices drop to $20 in the coming weeks if the negotiations between Saudi Arabia and Russia break down.