Seemingly, the oil did not grow after the OPEC + agreement. Nevertheless, a good outcome of the reduction in production is already observed in the price.
Forecasts on the Russian economy are poor: VEB analysts reported a drop in the GDP and the purchasing power of the population to -18% by the end of the year. This is the result of the government's refusal to support citizens and small businesses with direct financial assistance under quarantine.
Coronavirus in Russia:
There has been a newly reported confirmed case of 2,558 patients and a total of 18,000 patients in the entire country, 11,500 of which came solely from Moscow. Currently, the country has an increase of 14% newly confirmed cases per day.
It has been a critical week for Moscow, nonetheless, a positive effect from the quarantine is expected by next week. The country needs at least a 7% drop in the growth of new cases in order to stabilize the situation.
