The news was “worse than we thought possible,” declared Michael Hsueh, strategist at Deutsche Bank, in a note Wednesday. With the Saudis now declaring their intention to flood the markets with 2.6 million barrels more per day than they sold in February, and the UAE and Russia following suit, the global markets could soon be oversupplied by 4 million barrels per day. West Texas Intermediate crude oil ended the day at $31 per barrel, half its price at the start of 2020. 

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