Brent crude prices fell to their lowest levels since 1998 in April, dipping below $18/bbl as oil demand fell by up to 30mbpd and worldwide storage facilities neared capacity.

GBP dropped to 1.22 against USD mid-month after WTI futures prices fell negative, driving investors the dollar, before recovering back above 1.25 by the end of the month.

Following a mid-month virtual OPEC+ meeting, Saudi Arabia and Russia resolved their production dispute, agreeing to a 10mbpd output cut to take effect from 1st May.