(08 April 2020)DAILY MARKET BRIEF 2: Oil dips to $25 pb

<p>One major risk to the market calm this week is Thursday’s virtual meeting between Saudi and Russia. The euphoria around a potential 10 to 15 million bpd cut has been devoured so fast by the market that one questions whether a cut of this size is enough to encourage a sustainable recovery in global oil prices. WTI crude rebounded from $25 a barrel, but the positive trend appears to be losing momentum into the Thursday’s decision. While the expectation of Saudi-Russia announcing a surprise cut should put a floor under the oil’s slide, failure to satisfy the hungry traders could still trigger a sharp decline before the weekly closing bell.</p>