It is hard to say where oil will form a bottom but some sceptics are already talking about a $10 oil. That looks unlikely for now but you never know. On Tuesday, crude oil prices fell below the $30/bbl mark as the demand shock from the Coronavirus syndrome continued. Normally, in such a situation the supply cuts help to maintain a semblance of stability in the oil markets but now even that does not appear to be likely. After Russia refused to participate in further supply cuts, Saudi Arabia and the OPEC have gone ahead and increased production and also dropped prices sharply (in some cases to as low as $25/bbl). This glut has led to a sharp fall in oil prices. Now oil is very close to the multi-year lows it touched in early 2016. The next days would be critical to find a bottom.