WTI Oil attempts to recapture $18 amid a broad coronavirus-related sell-off

WTI Crude Oil is trading around $18, up from the 18-year low of $17.42 which it reached earlier in the day. The black gold is coming under immense pressure despite a new Russian and Saudi joint commitment to stabilize the market.

Both major petrol producers steered the OPEC deal to cut production by nearly ten million barrels per day. However, travel restrictions and lockdowns that came as a result of the coronavirus pandemic have diminished demand by a larger scale. Some fear that storage facilities may become overwhelmed.