FXStreet reports that the dramatic moves in the oil market reflect a very challenging economic outlook which sits alongside still-elevated levels of market volatility, per HSBC.

"Lower oil prices will help support consumers in many net-oil importing advanced and emerging economies by rising disposable incomes and reducing input costs into production. This will be especially important as containment measures are gradually lifted in the coming weeks."

"Many economies that are major oil producers will bear an economic hit from lower prices. Credit default rates within the US shale industry, in particular, are likely to pick up, weighing on the outlook for the US high-yield corporate bond sector."

"We think the case for a strategic, longer-term overweight in global equities in our multi-asset portfolios remains solid amid huge global policy support initiatives and highly attractive relative valuations."