FXStreet reports that strategists at TD Securities note that oil plunged to its lowest in some 18 years while President Trump will continue his dialog with Russia's Putin about the oil market.

“Demand projections continue to move lower, while Saudi Arabia shows no signs of reconsidering its supply increase in the next few days.”

“We suspect that for any deal to take place, Russia will likely ask for removal of all sanctions on Russian oil interests, and demand that the US must also cut production.”

“We will get a supply decline, one way or another. The oft-cited proposal, between the US, Russia and OPEC could see 4-5 million b/d worth of cuts, representing a 10% cut by these major producers. But, it remains unlikely that even a cut of that magnitude would do much in the short term, when demand is set to drop 15-20 million b/d in the next month or so.”