REUTERS: An agreement by oil producing nations to cut output by a record amount may sustain a recent bounce in stocks, though stay-at-home ...
REUTERS: An agreement by oil producing nations to cut output by a record amount may sustain a recent bounce in stocks, though stay-at-home restrictions and closures tied to the coronavirus pandemic continue to weigh on the global economy.
Some believe the scope of any oil-related rally will be limited by the coronavirus-related shutdowns that have slowed economic activity around the world.If it was a bigger cut"then you would've seen oil prices strengthen to US$30 very quickly and that would be helpful for equity markets but we didn't get that," said Peter Cardillo, chief market economist at Spartan Capital Securities.
Cardillo noted that much would now depend on when governments around the world are able to lift stay-at-home orders aimed at suppressing the coronavirus. Edward Moya, senior market analyst at Oanda in New York, wrote that he would not be surprised if the agreement became a “buy the rumor, sell the news” event, though he believes it could still give some support to oil prices.
United States Latest News, United States Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
The secret weapon giving Mexico power in the oil price warLONDON (BLOOMBERG) - As Mexico and Saudi Arabia fight over a deal to bring the oil-price war to an end, Mexico has a powerful defence: a massive Wall Street hedge shielding it from low prices.. Read more at straitstimes.com.
Read more »
US senators press Saudi officials to put oil cut in motionRepublican U.S. senators from oil states who recently introduced legislation to remove American troops from Saudi Arabia said on Saturday they ...
Read more »
Mexican president's nationalist oil vision fuels standoff with SaudisThe biggest supply cut ever contemplated by the world's top oil producers is hanging in the balance as a refusal by Mexico's leftist leader to ...
Read more »
US senators hold call with Saudi officials urging them to put oil cut in motionWASHINGTON (REUTERS) - Republican US senators from oil states who recently introduced legislation to remove American troops from Saudi Arabia said on Saturday (April 11) they had spoken with three officials from the kingdom and urged them to take concrete action to cut crude output.. Read more at straitstimes.com.
Read more »
G-20 ministers vow to calm oil markets but quiet on output cutsRIYADH (AFP) - G-20 energy ministers pledged to work together to ensure oil 'market stability', in a statement released on Saturday (April 11) after a virtual summit hosted by Saudi Arabia that did not mention production cuts.. Read more at straitstimes.com.
Read more »
Trump agrees to help Mexico meet global oil cut targetU.S. President Donald Trump said on Friday he would help Mexico contribute to global oil output reductions, in a surprise move that could break an ...
Read more »