Oil just broke down under $30.

Via: Reuters:

Saudi Arabia’s move to flood the crude oil market is on a collision course with global demand that is about to be pummelled by the coronavirus pandemic, especially in North America and Europe.

As the outbreak intensifies and spreads across Europe and the United States, governments are trying to contain it by effectively shutting down many transport links and encouraging social distancing.

While it’s still too early to come up with a definitive number for how much global oil demand will be lost, and over what time period, it’s virtually certain it will be significant.