FXStreet reports that after the failure of the OPEC+ meeting to reach a new production cut agreement, the risk of an even bigger supply glut triggered profit taking on long positions and oil prices were pushed down, strategists at ABN Amro report.

"Global oil demand dropped and expectations are that in Q2 even between 10-15% of global demand will diminish. This pushed prices down to the lows of 2002/03."

"We have revised our oil price forecast lower. For the coming months, oil prices will remain volatile and could see even more downward pressure."

"We think that this will be temporary and an oil price rebound towards USD 45/bbl could be seen as soon as the coronavirus measures are cut back and the economy starts to recover."