FXStreet reports that the unprecedented demand destruction due to the Covid-19 crisis should be keeping the market oversupplied in the near-term, according to strategists at ANZ Bank.

"We estimate a demand loss of 20mb/d in Q2 and even higher, as travel restrictions persist across many countries. Duration of lockdown remains the key oil price stabiliser."

"Storage capacities across the world are filling fast. US capacity reached 81% and is likely to reach capacity next month."

"Such a backdrop will keep the oil price low a little longer."