Peak Oil Review – 23 March 2020
The market situation changed rapidly last week. On Monday, the oil traders were focused on the Saudi price war. By week’s end, however, the Saudi initiative had been overshadowed by the rapid spread of the coronavirus and its impact on oil demand. Rapidly falling demand resulted in a week of unprecedented volatility before oil prices settled on Friday at $22.43 in New York and $26.98 in London.