LONDON, April 27 — Oil prices slumped again today on concerns over scarce storage capacity, especially in the United States, and global economic doldrums from the coronavirus pandemic. US oil futures led losses, falling by more than US$4 (RM17) a barrel on fears that storage at Cushing, Oklahoma,...
Monday, 27 Apr 2020 11:18 PM MYT
US oil futures led losses, falling by more than US$4 a barrel on fears that storage at Cushing, Oklahoma, could reach full capacity soon. Oil futures marked their third straight week of losses last week, with Brent ending 24 per cent down and WTI off about seven per cent. Prices have now fallen for eight of the past nine weeks.
“The shift of open interest away from June will have negative consequences for the liquidity of the contract, potentially leading to greater volatility in its price.” Harry Tchilinguirian, global oil strategist at BNP Paribas in London, told the Reuters Global Oil Forum. Global economic output is expected to contract by two per cent this year — worse than the financial crisis — while demand has collapsed by 30 per cent because of the pandemic.
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.
US airlines received US$12b in aid so far, says Treasury | Malay MailNEW YORK, April 26 ― The Trump administration said Saturday that it has disbursed US$12.4 billion (RM54 billion) to 93 air carriers to help them preserve jobs as the sector struggles to survive the effects of the Covid-19 pandemic. In a statement, the Treasury Department said it would “continue...
Read more »
Mount Rushmore drawing visitors escaping US virus lockdowns | Malay MailKEYSTONE, April 26 ― The steep and winding roads leading up to the iconic Mount Rushmore memorial are deserted these days. This mecca of tourism in South Dakota, which ordinarily swarms with tourists, is now drawing only the occasional handful of visitors desperate to escape their...
Read more »
US economy faces historic shock, with 16pc joblessness possible, says Trump adviser | Malay MailWASHINGTON, April 27 — The shuttering of the US economy due to the coronavirus pandemic is a shock of historic proportions that will likely push the national unemployment rate to 16 per cent or higher this month and require more stimulus to ensure a strong rebound, a White House economic adviser...
Read more »
Asia shares rally as BoJ buys more bonds; US crude skids | Malay MailSYDNEY, April 27 — Asian shares bounced today as the Bank of Japan (BoJ) announced more stimulus steps to help cushion the economic impact of the coronavirus, but the recent weak run in the global oil price showed no signs of ending. MSCI’s broadest index of Asia-Pacific shares outside Japan...
Read more »
US states from Minnesota to Mississippi to reopen despite health warnings | Malay MailWASHINGTON, April 27 — US states from Minnesota to Mississippi this week prepared to join other states that have eased coronavirus restrictions to try to revive their battered economies, although some business owners voiced reluctance in the face of health warnings. Colorado, Montana and...
Read more »
Don’t blame us for spreading Covid-19 in Selayang, migrant workers plead | Malay MailKUALA LUMPUR, April 27 — Migrants working at the Selayang wholesale market have expressed their disappointment at being blamed for the spate of Covid-19 cases in the area, amid vitriol by locals on social media, especially against the Rohingya community. Speaking to Malay Mail during its recent...
Read more »