WTI oil collapsed on Monday. Its quotes fell to minus (!!!) $ 35.
On MICEX, WTI trading was stopped. See the chart for Monday:
The last price on the chart is 7 cents per barrel.
Brent oil, on the other hand, is holding around $ 25 per barrel. This is actually a big problem for Russia, as it's base price is $ 42-45 per barrel.
Meanwhile, the US market is still near April's highs, however, it's beginning to turn downwards. I think that a significant decrease is inevitable, so carefully open sell positions, taking out stops above the highs:
Coronavirus update: USA and Western European countries have passed the "peak" of the pandemic.
In the United States, the number of infected is still huge - 793 thousand, but the infection rate is below 4% per day. On Monday, the number of deaths per day rose to 1,900.
In Italy, France, Spain and Britain, death toll fell to less than 600 per day. There's also a significant decrease in the number of new cases per day.
However, European leaders are still afraid to open economies for fears of a re-outbreak of the pandemic. Chancellor of Germany, Angela Merkel, even said that "we are still at the beginning of the pandemic."
Many countries plan to ease quarantine measures in early May or mid-May.
In Russia, quarantine will be extended until the end of the May holidays.
EUR/USD: Consolidation continues.
Sell euros from 1.0810.
Buy euros at the break of 1.0990.
