
Brent oil has entered into a bear market, as prices have fallen almost $30 a barrel since the beginning of the year. Initial worries over COVID-19 caused the largest weekly decline in Brent oil prices since January 2016, having declined 13.6% during the week of February 28. The sell-off intensified when OPEC+ concluded its meeting on March 6 without a deal to further cut oil production. As a result, Brent oil suffered its largest one-day drop since 1991, declining 24.1% ($10.9/barrel). Oil majors including Exxon, Chevon, BP, ENI, and Total have all seen downgrades to Q1 EPS estimates and are