Oil prices to remain low even if OPEC+ cut supply

Despite the prospect of a massive Saudi Arabian-led production cut, the price of oil has remained low in recent weeks amid a coronavirus-related collapse in demand. By contrast, coal and natural gas prices fared relatively better. This was due in part to signs of a recovery in China’s economy, which is one of the world’s largest consumers. That said, we expect energy prices to hover around current levels until economic activity recovers elsewhere.