FXStreet reports that an oil supply cut would likely be dependent on non-OPEC participation including the US, which in effect, is happening already given the difficult conditions facing producers, strategists at Rabobank apprise.

"We see strong support for a global coordinated cut to occur, as in effect, it is already happening."

"We see scope for higher oil prices in the near-term should a global production deal come to fruition."

"The speculative interest is largely 'short' at the moment including trend followers, momentum traders, and 'carry' strategies. These 'shorts' are now at risk of giving back a large portion of recent gains should a global supply cut be put in place but much will depend on how quickly the virus-related demand losses begin to recover in the weeks and months ahead."