Oil falls again on Wednesday


Earlier in the day, the WTI oil plunged back to a 23 USD handle after the boss of Vitol Group said demand is down about 15 million to 20 million barrels a day and will shrink further with India’s decision to go into lockdown.

The possibility of collapsing demand and a rapidly expanding oil surplus has made recent price recoveries short-lived. Thus, oil should remain in a bearish trend for some time. 

US equities were very volatile today, with indices jumping up and down amid the new stimulus announced by the US government. The 2 trillion rescue package will be implemented gradually and should help US households and small businesses through the crisis. 
Meanwhile, Donald Trump said that he would like to have the economy open till Easter, which leaves roughly three weeks for the lockdown. Whether this will work or no, we will see. 

The FX continued in the preference of the greenback, and earlier losses were quickly erased as the dollar surged again during the American session.
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