It appears that investors aren’t entirely satisfied by the compromise reached between OPEC and other major oil producers on Sunday. The agreement to a record cut in oil output failed to reassure the markets, with the prevailing sentiment being one of aversion to risk due to fears that the newly reduced production quotas will fail to offset the damage inflicted by the drop in demand caused by the coronavirus crisis. This scenario is punishing not only to the oil price but also to the value of oil producing countries’ currencies versus the Dollar.
