OPEC supply curbs, United States measures could support oil prices near term: Goldman

Saudi Arabia moved earlier this month to boost its production rapidly contributing to a steep drop in oil prices

Saudi Arabia moved earlier this month to boost its production rapidly contributing to a steep drop in oil prices

Brent LCOc1 futures for May delivery rose 52 cents, or 1.9%, to $27.55 as of 0015 GMT.

U.S. West Texas Intermediate and international-benchmark Brent crude oil are trading mixed shortly after the regular session opening on Monday, while posting an impressive intraday rebound rally.

USA gasoline futures fell more than 20 per cent to $0.4789 a gallon, the lowest on record.

Saudi Arabia's Crown Prince Mohammad bin SalmanThe United States believes Saudi Arabia's flooding of oil markets compounds the coronavirus-caused global economic crash and intends to send a senior official to Riyadh for months to boost efforts to stabilize energy markets, senior USA officials said on Friday.

Demand is expected to fall by more than 10 million barrels per day (bpd), or about 10 per cent of daily global crude consumption, said Giovanni Serio, head of research at Vitol, the world's biggest oil trader.

Oversupply is so extreme that regulators in Texas considered curbing production there for the first time in almost 50 years.

Sorry, Vin Diesel, But James Gunn Says 'Alpha Groot' Isn't A Thing
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Goldman Sachs estimated demand loss could total 8 million bpd, brought about by countries slowing economic activity to combat the coronavirus outbreak.

They said to the extent that Russian Federation is involved in lifting Venezuelan oil, it will be sanctioned.

Many oil firms have rushed to reduce spending and some producers have already begun putting employees on leave.

Oil prices have dropped more than 60 per cent since the start of the year, while everything from coal to copper have also been hit by the coronavirus crisis, and bond and stock markets are in rarely charted territory.

"Set against this dismal outlook, the downward spiral in oil prices is poised to continue and may well reach the mid-teens". The price war is a "lose-lose strategy" for the Saudis and Russian Federation, analysts at MUFG Bank Ltd. said in a note, with the fiscal and revenue outlook for both countries challenging if crude holds below $40 for a protracted period.

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