Home Tags Oil prices
Tag: oil prices
The kingdom's second round of oil production cuts comes after the historic deal with OPEC and its allies in April.
"We may be past the peak of initial claims, but we aren't out of the woods yet," Daniel Zhao, senior economist at Glassdoor, told Business Insider.
Brent slid below $20 a barrel on Tuesday as sentiment from US oil prices turning negative the first time rippled through all markets.
Traders exiting expiring oil-futures contracts have been "driving the already low cost of oil to plunge even further," said Rick Swope of E-Trade.
The coronavirus pandemic may send global oil demand down as much as 9.3 million barrels per day this year, according to the IEA.
OPEC and its allies are scheduled to meet virtually starting Thursday after a Monday meeting was rescheduled.
Oil surged as much as 35% on Thursday, leading a sharp rally in energy stocks that lifted the entire market.
Oil prices have tanked 12% since coronavirus exploded globally — but key OPEC members swear the alliance will take action to stabilize if needed...
A brief respite from fear around the coronavirus outbreak ended abruptly Monday in a selloff that saw WTI crude fall 3.7% and Brent crude 3.8%.
OPEC cuts oil demand outlook for the year, citing the coronavirus outbreak in China as a ‘major factor’
"The ongoing developments in China require continuous monitoring and assessment to gauge the implications on the oil market in 2020," OPEC said.
Depending on how the coronavirus situation is resolved, "outright demand contraction is now on the table," Pies wrote.