Why Oil will Remain in Downtrend in Near Future?

The oil is going to be in a downtrend for some time due to Coronavirus fiasco due to following reasons:

(a) Demand has shrunk due to lockdown.
(b) Oil storage capacity is full to the brim.

Thus we see oil dropping further to 21 Year Low and maybe further lower despite OPEC and its allies agreeing to cut production by 9.7 million barrels per day,

Thus in this Chinese virus scenario, we see that oil has no value unless we ourselves undertake the consumption.

Thus it is better to be on the short side of crude with a strict stop loss.

Remember that once the restrictions are eased and economic activity picks up is the right time to start accumulating crude.

You must check intraday suggestions today to make money in stock market every day.