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2020-04-23 08:17 | Report Abuse
International oil prices rebound following Trump warning
April 22, 2020 8:09 pm by Myles McCormick and Joe Rennison in London, Hudson Lockett in Hong Kong and Matthew Rocco in New York
Brent bounces back from two-decade low after US president takes aim at Iranian vessels
Oil prices rebounded on Wednesday after Donald Trump stoked Middle East tensions, saying that he had ordered US warships to “shoot down and destroy” Iranian vessels if they posed a threat.
The US president’s intervention sent Brent crude back above $20 a barrel after the international benchmark had tumbled to its lowest level since 1999 on concerns over the collapse in global oil demand.
The declaration from Mr Trump also helped buoy the high-yield bond market, which is heavily exposed to the fate of energy companies. BlackRock’s iShare high-yield bond exchange traded fund, known by its ticker HYG, rose 1 per cent, having dipped 1.8 per cent on Tuesday.
“I have instructed the United States Navy to shoot down and destroy any and all Iranian gunboats if they harass our ships at sea,” Mr Trump wrote in a tweet.
The prospect of renewed tensions in the Middle East gave crude a lift during a week where prices have struggled to contend with an evaporation in demand triggered by the coronavirus pandemic.
Brent rose as high as $22.45 a barrel and settled at $20.37, up more than 5 per cent on the day. The energy sector helped lead a rally on Wall Street that sent the benchmark S&P 500 up 2.3 per cent following two days of falls. The tech-heavy Nasdaq Composite closed up 2.8 per cent.
West Texas Intermediate, the US marker, rose 19 per cent to $13.78 a barrel. It almost halved during the previous session and earlier in the week fell into negative territory for the first time as producers were forced to pay buyers to take oil off their hands ahead of the expiry of futures contracts.
Brent crude remains down about 27 per cent so far this week. Oil production levels have remained robust even as the virus destroys demand, creating a supply glut. An unprecedented cut of almost 10 per cent of global supply by Opec and its allies will take effect next month, but traders worry it is not enough to offset the collapse in consumption.
The head of the International Energy Agency on Tuesday called for the output reductions to be expedited and deepened. Opec members met by phone overnight, but there was no sign they would change their plans.
Stock
2020-04-23 08:15 | Report Abuse
Wow, Fantastic,
Oil price started it’s bull run again !
Nymex closed at=> $13.78 (rose +19%)
Brent closed at=> $20.37 (rose +5%)
Stock
2020-04-23 08:15 | Report Abuse
Wow, Fantastic,
Oil price started it’s bull run again !
Nymex closed at=> $13.78 (rose +19%)
Brent closed at=> $20.37 (rose +5%)
Stock
2020-04-23 08:12 | Report Abuse
International oil prices rebound following Trump warning
April 22, 2020 8:09 pm by Myles McCormick and Joe Rennison in London, Hudson Lockett in Hong Kong and Matthew Rocco in New York
Brent bounces back from two-decade low after US president takes aim at Iranian vessels
Oil prices rebounded on Wednesday after Donald Trump stoked Middle East tensions, saying that he had ordered US warships to “shoot down and destroy” Iranian vessels if they posed a threat.
The US president’s intervention sent Brent crude back above $20 a barrel after the international benchmark had tumbled to its lowest level since 1999 on concerns over the collapse in global oil demand.
The declaration from Mr Trump also helped buoy the high-yield bond market, which is heavily exposed to the fate of energy companies. BlackRock’s iShare high-yield bond exchange traded fund, known by its ticker HYG, rose 1 per cent, having dipped 1.8 per cent on Tuesday.
“I have instructed the United States Navy to shoot down and destroy any and all Iranian gunboats if they harass our ships at sea,” Mr Trump wrote in a tweet.
The prospect of renewed tensions in the Middle East gave crude a lift during a week where prices have struggled to contend with an evaporation in demand triggered by the coronavirus pandemic.
Brent rose as high as $22.45 a barrel and settled at $20.37, up more than 5 per cent on the day. The energy sector helped lead a rally on Wall Street that sent the benchmark S&P 500 up 2.3 per cent following two days of falls. The tech-heavy Nasdaq Composite closed up 2.8 per cent.
West Texas Intermediate, the US marker, rose 19 per cent to $13.78 a barrel. It almost halved during the previous session and earlier in the week fell into negative territory for the first time as producers were forced to pay buyers to take oil off their hands ahead of the expiry of futures contracts.
Brent crude remains down about 27 per cent so far this week. Oil production levels have remained robust even as the virus destroys demand, creating a supply glut. An unprecedented cut of almost 10 per cent of global supply by Opec and its allies will take effect next month, but traders worry it is not enough to offset the collapse in consumption.
The head of the International Energy Agency on Tuesday called for the output reductions to be expedited and deepened. Opec members met by phone overnight, but there was no sign they would change their plans.
Stock
2020-04-23 08:11 | Report Abuse
International oil prices rebound following Trump warning
April 22, 2020 8:09 pm by Myles McCormick and Joe Rennison in London, Hudson Lockett in Hong Kong and Matthew Rocco in New York
Brent bounces back from two-decade low after US president takes aim at Iranian vessels
Oil prices rebounded on Wednesday after Donald Trump stoked Middle East tensions, saying that he had ordered US warships to “shoot down and destroy” Iranian vessels if they posed a threat.
The US president’s intervention sent Brent crude back above $20 a barrel after the international benchmark had tumbled to its lowest level since 1999 on concerns over the collapse in global oil demand.
The declaration from Mr Trump also helped buoy the high-yield bond market, which is heavily exposed to the fate of energy companies. BlackRock’s iShare high-yield bond exchange traded fund, known by its ticker HYG, rose 1 per cent, having dipped 1.8 per cent on Tuesday.
“I have instructed the United States Navy to shoot down and destroy any and all Iranian gunboats if they harass our ships at sea,” Mr Trump wrote in a tweet.
The prospect of renewed tensions in the Middle East gave crude a lift during a week where prices have struggled to contend with an evaporation in demand triggered by the coronavirus pandemic.
Brent rose as high as $22.45 a barrel and settled at $20.37, up more than 5 per cent on the day. The energy sector helped lead a rally on Wall Street that sent the benchmark S&P 500 up 2.3 per cent following two days of falls. The tech-heavy Nasdaq Composite closed up 2.8 per cent.
West Texas Intermediate, the US marker, rose 19 per cent to $13.78 a barrel. It almost halved during the previous session and earlier in the week fell into negative territory for the first time as producers were forced to pay buyers to take oil off their hands ahead of the expiry of futures contracts.
Brent crude remains down about 27 per cent so far this week. Oil production levels have remained robust even as the virus destroys demand, creating a supply glut. An unprecedented cut of almost 10 per cent of global supply by Opec and its allies will take effect next month, but traders worry it is not enough to offset the collapse in consumption.
The head of the International Energy Agency on Tuesday called for the output reductions to be expedited and deepened. Opec members met by phone overnight, but there was no sign they would change their plans.
Stock
2020-04-23 08:10 | Report Abuse
International oil prices rebound following Trump warning
April 22, 2020 8:09 pm by Myles McCormick and Joe Rennison in London, Hudson Lockett in Hong Kong and Matthew Rocco in New York
Brent bounces back from two-decade low after US president takes aim at Iranian vessels
Oil prices rebounded on Wednesday after Donald Trump stoked Middle East tensions, saying that he had ordered US warships to “shoot down and destroy” Iranian vessels if they posed a threat.
The US president’s intervention sent Brent crude back above $20 a barrel after the international benchmark had tumbled to its lowest level since 1999 on concerns over the collapse in global oil demand.
The declaration from Mr Trump also helped buoy the high-yield bond market, which is heavily exposed to the fate of energy companies. BlackRock’s iShare high-yield bond exchange traded fund, known by its ticker HYG, rose 1 per cent, having dipped 1.8 per cent on Tuesday.
“I have instructed the United States Navy to shoot down and destroy any and all Iranian gunboats if they harass our ships at sea,” Mr Trump wrote in a tweet.
The prospect of renewed tensions in the Middle East gave crude a lift during a week where prices have struggled to contend with an evaporation in demand triggered by the coronavirus pandemic.
Brent rose as high as $22.45 a barrel and settled at $20.37, up more than 5 per cent on the day. The energy sector helped lead a rally on Wall Street that sent the benchmark S&P 500 up 2.3 per cent following two days of falls. The tech-heavy Nasdaq Composite closed up 2.8 per cent.
West Texas Intermediate, the US marker, rose 19 per cent to $13.78 a barrel. It almost halved during the previous session and earlier in the week fell into negative territory for the first time as producers were forced to pay buyers to take oil off their hands ahead of the expiry of futures contracts.
Brent crude remains down about 27 per cent so far this week. Oil production levels have remained robust even as the virus destroys demand, creating a supply glut. An unprecedented cut of almost 10 per cent of global supply by Opec and its allies will take effect next month, but traders worry it is not enough to offset the collapse in consumption.
The head of the International Energy Agency on Tuesday called for the output reductions to be expedited and deepened. Opec members met by phone overnight, but there was no sign they would change their plans.
Stock
2020-04-23 08:09 | Report Abuse
Wow, Fantastic,
Oil price started it’s bull run again !
Nymex closed at=> $13.78 (rose +19%)
Brent closed at=> $20.37 (rose +5%)
Stock
2020-04-23 08:08 | Report Abuse
Wow, Fantastic,
Oil price started it’s bull run again !
Nymex closed at=> $13.78 (rose +19%)
Brent closed at=> $20.37 (rose +5%)
Stock
2020-04-23 08:08 | Report Abuse
Wow, Fantastic,
Oil price started it’s bull run again !
Nymex closed at=> $13.78 (rose +19%)
Brent closed at=> $20.37 (rose +5%)
Stock
2020-04-23 08:07 | Report Abuse
Wow, Fantastic ! Dow Jones spike up to
closed at=> 23,475.82 (+456.94) (+1.99 percent) !
Stock
2020-04-23 08:05 | Report Abuse
Wow, Fantastic ! Dow Jones spike up to
closed at=> 23,475.82 (+456.94) (+1.99%) !
Stock
2020-04-23 08:05 | Report Abuse
Wow, Fantastic ! Dow Jones spike up to
closed at=> 23,475.82 (+456.94) (+1.99%) !
Stock
2020-04-23 08:03 | Report Abuse
Wow, Fantastic ! Dow Jones spike up to
closed at=> 23,475.82 (+456.94) (+1.99 percent) !
Stock
2020-04-23 08:02 | Report Abuse
Wow, Fantastic ! Dow Jones spike up to
closed at=> 23,475.82 (+456.94) (+1.99%) !
Stock
2020-04-23 08:02 | Report Abuse
Wow, Fantastic ! Dow Jones spike up to
closed at=> 23,475.82 (+456.94) (+1.99%) !
Stock
2020-04-23 08:01 | Report Abuse
Wow, Fantastic ! Dow Jones spike up to
closed at=> 23,475.82 (+456.94) (+1.99 percent) !
Stock
2020-04-23 08:00 | Report Abuse
Wow, Fantastic ! Dow Jones spike up to
closed at=> 23,475.82 (+456.94) (+1.99%) !
Stock
2020-04-23 07:59 | Report Abuse
Wow, Fantastic ! Dow Jones spike up to
closed at=> 23,475.82 (+456.94) (+1.99%) !
Stock
2020-04-23 07:59 | Report Abuse
Wow, Fantastic ! Dow Jones spike up to
closed at=> 23,475.82 (+456.94) (+1.99%) !
Stock
2020-04-23 07:58 | Report Abuse
Wow, Fantastic ! Dow Jones spike up to
closed at=> 23,475.82 (+456.94) (+1.99%) !
Stock
2020-04-23 07:58 | Report Abuse
Wow, Fantastic ! Dow Jones spike up to
closed at=> 23,475.82 (+456.94) (+1.99%) !
Stock
2020-04-23 07:57 | Report Abuse
Wow, Fantastic ! Dow Jones spike up to
closed at=> 23,475.82 (+456.94) (+1.99%) !
Stock
2020-04-23 07:56 | Report Abuse
Wow, Fantastic ! Dow Jones spike up to
closed at=> 23,475.82 (+456.94) (+1.99%) !
Stock
2020-04-23 07:55 | Report Abuse
Wow, Fantastic ! Dow Jones spike up to
closed at=> 23,475.82 (+456.94) (+1.99%) !
Stock
2020-04-23 07:51 | Report Abuse
Brent rose as high as $22.45 a barrel and settled at $20.37, up more than 5 per cent on the day. The energy sector helped lead a rally on Wall Street that sent the benchmark S&P 500 up 2.3 per cent following two days of falls. The tech-heavy Nasdaq Composite closed up 2.8 per cent.
West Texas Intermediate, the US marker, rose 19 per cent to $13.78 a barrel. It almost halved during the previous session and earlier in the week fell into negative territory for the first time as producers were forced to pay buyers to take oil off their hands ahead of the expiry of futures contracts.
Brent crude remains down about 27 per cent so far this week. Oil production levels have remained robust even as the virus destroys demand, creating a supply glut. An unprecedented cut of almost 10 per cent of global supply by Opec and its allies will take effect next month, but traders worry it is not enough to offset the collapse in consumption.
The head of the International Energy Agency on Tuesday called for the output reductions to be expedited and deepened. Opec members met by phone overnight, but there was no sign they would change their plans.
Stock
2020-04-23 07:51 | Report Abuse
International oil prices rebound following Trump warning
April 22, 2020 8:09 pm by Myles McCormick and Joe Rennison in London, Hudson Lockett in Hong Kong and Matthew Rocco in New York
Brent bounces back from two-decade low after US president takes aim at Iranian vessels
Oil prices rebounded on Wednesday after Donald Trump stoked Middle East tensions, saying that he had ordered US warships to “shoot down and destroy” Iranian vessels if they posed a threat.
The US president’s intervention sent Brent crude back above $20 a barrel after the international benchmark had tumbled to its lowest level since 1999 on concerns over the collapse in global oil demand.
The declaration from Mr Trump also helped buoy the high-yield bond market, which is heavily exposed to the fate of energy companies. BlackRock’s iShare high-yield bond exchange traded fund, known by its ticker HYG, rose 1 per cent, having dipped 1.8 per cent on Tuesday.
“I have instructed the United States Navy to shoot down and destroy any and all Iranian gunboats if they harass our ships at sea,” Mr Trump wrote in a tweet.
The prospect of renewed tensions in the Middle East gave crude a lift during a week where prices have struggled to contend with an evaporation in demand triggered by the coronavirus pandemic.
Stock
2020-04-23 07:50 | Report Abuse
International oil prices rebound following Trump warning
April 22, 2020 8:09 pm by Myles McCormick and Joe Rennison in London, Hudson Lockett in Hong Kong and Matthew Rocco in New York
Brent bounces back from two-decade low after US president takes aim at Iranian vessels
Oil prices rebounded on Wednesday after Donald Trump stoked Middle East tensions, saying that he had ordered US warships to “shoot down and destroy” Iranian vessels if they posed a threat.
The US president’s intervention sent Brent crude back above $20 a barrel after the international benchmark had tumbled to its lowest level since 1999 on concerns over the collapse in global oil demand.
The declaration from Mr Trump also helped buoy the high-yield bond market, which is heavily exposed to the fate of energy companies. BlackRock’s iShare high-yield bond exchange traded fund, known by its ticker HYG, rose 1 per cent, having dipped 1.8 per cent on Tuesday.
“I have instructed the United States Navy to shoot down and destroy any and all Iranian gunboats if they harass our ships at sea,” Mr Trump wrote in a tweet.
The prospect of renewed tensions in the Middle East gave crude a lift during a week where prices have struggled to contend with an evaporation in demand triggered by the coronavirus pandemic.
Brent rose as high as $22.45 a barrel and settled at $20.37, up more than 5 per cent on the day. The energy sector helped lead a rally on Wall Street that sent the benchmark S&P 500 up 2.3 per cent following two days of falls. The tech-heavy Nasdaq Composite closed up 2.8 per cent.
West Texas Intermediate, the US marker, rose 19 per cent to $13.78 a barrel. It almost halved during the previous session and earlier in the week fell into negative territory for the first time as producers were forced to pay buyers to take oil off their hands ahead of the expiry of futures contracts.
Brent crude remains down about 27 per cent so far this week. Oil production levels have remained robust even as the virus destroys demand, creating a supply glut. An unprecedented cut of almost 10 per cent of global supply by Opec and its allies will take effect next month, but traders worry it is not enough to offset the collapse in consumption.
The head of the International Energy Agency on Tuesday called for the output reductions to be expedited and deepened. Opec members met by phone overnight, but there was no sign they would change their plans.
Stock
2020-04-23 07:49 | Report Abuse
International oil prices rebound following Trump warning
April 22, 2020 8:09 pm by Myles McCormick and Joe Rennison in London, Hudson Lockett in Hong Kong and Matthew Rocco in New York
Brent bounces back from two-decade low after US president takes aim at Iranian vessels
Oil prices rebounded on Wednesday after Donald Trump stoked Middle East tensions, saying that he had ordered US warships to “shoot down and destroy” Iranian vessels if they posed a threat.
The US president’s intervention sent Brent crude back above $20 a barrel after the international benchmark had tumbled to its lowest level since 1999 on concerns over the collapse in global oil demand.
The declaration from Mr Trump also helped buoy the high-yield bond market, which is heavily exposed to the fate of energy companies. BlackRock’s iShare high-yield bond exchange traded fund, known by its ticker HYG, rose 1 per cent, having dipped 1.8 per cent on Tuesday.
“I have instructed the United States Navy to shoot down and destroy any and all Iranian gunboats if they harass our ships at sea,” Mr Trump wrote in a tweet.
The prospect of renewed tensions in the Middle East gave crude a lift during a week where prices have struggled to contend with an evaporation in demand triggered by the coronavirus pandemic.
Brent rose as high as $22.45 a barrel and settled at $20.37, up more than 5 per cent on the day. The energy sector helped lead a rally on Wall Street that sent the benchmark S&P 500 up 2.3 per cent following two days of falls. The tech-heavy Nasdaq Composite closed up 2.8 per cent.
West Texas Intermediate, the US marker, rose 19 per cent to $13.78 a barrel. It almost halved during the previous session and earlier in the week fell into negative territory for the first time as producers were forced to pay buyers to take oil off their hands ahead of the expiry of futures contracts.
Brent crude remains down about 27 per cent so far this week. Oil production levels have remained robust even as the virus destroys demand, creating a supply glut. An unprecedented cut of almost 10 per cent of global supply by Opec and its allies will take effect next month, but traders worry it is not enough to offset the collapse in consumption.
The head of the International Energy Agency on Tuesday called for the output reductions to be expedited and deepened. Opec members met by phone overnight, but there was no sign they would change their plans.
Stock
2020-04-23 07:49 | Report Abuse
Brent rose as high as $22.45 a barrel and settled at $20.37, up more than 5 per cent on the day. The energy sector helped lead a rally on Wall Street that sent the benchmark S&P 500 up 2.3 per cent following two days of falls. The tech-heavy Nasdaq Composite closed up 2.8 per cent.
West Texas Intermediate, the US marker, rose 19 per cent to $13.78 a barrel. It almost halved during the previous session and earlier in the week fell into negative territory for the first time as producers were forced to pay buyers to take oil off their hands ahead of the expiry of futures contracts.
Brent crude remains down about 27 per cent so far this week. Oil production levels have remained robust even as the virus destroys demand, creating a supply glut. An unprecedented cut of almost 10 per cent of global supply by Opec and its allies will take effect next month, but traders worry it is not enough to offset the collapse in consumption.
The head of the International Energy Agency on Tuesday called for the output reductions to be expedited and deepened. Opec members met by phone overnight, but there was no sign they would change their plans.
Stock
2020-04-23 07:48 | Report Abuse
International oil prices rebound following Trump warning
April 22, 2020 8:09 pm by Myles McCormick and Joe Rennison in London, Hudson Lockett in Hong Kong and Matthew Rocco in New York
Brent bounces back from two-decade low after US president takes aim at Iranian vessels
Oil prices rebounded on Wednesday after Donald Trump stoked Middle East tensions, saying that he had ordered US warships to “shoot down and destroy” Iranian vessels if they posed a threat.
The US president’s intervention sent Brent crude back above $20 a barrel after the international benchmark had tumbled to its lowest level since 1999 on concerns over the collapse in global oil demand.
The declaration from Mr Trump also helped buoy the high-yield bond market, which is heavily exposed to the fate of energy companies. BlackRock’s iShare high-yield bond exchange traded fund, known by its ticker HYG, rose 1 per cent, having dipped 1.8 per cent on Tuesday.
“I have instructed the United States Navy to shoot down and destroy any and all Iranian gunboats if they harass our ships at sea,” Mr Trump wrote in a tweet.
The prospect of renewed tensions in the Middle East gave crude a lift during a week where prices have struggled to contend with an evaporation in demand triggered by the coronavirus pandemic.
Stock
2020-04-23 07:47 | Report Abuse
International oil prices rebound following Trump warning
April 22, 2020 8:09 pm by Myles McCormick and Joe Rennison in London, Hudson Lockett in Hong Kong and Matthew Rocco in New York
Brent bounces back from two-decade low after US president takes aim at Iranian vessels
Oil prices rebounded on Wednesday after Donald Trump stoked Middle East tensions, saying that he had ordered US warships to “shoot down and destroy” Iranian vessels if they posed a threat.
The US president’s intervention sent Brent crude back above $20 a barrel after the international benchmark had tumbled to its lowest level since 1999 on concerns over the collapse in global oil demand.
The declaration from Mr Trump also helped buoy the high-yield bond market, which is heavily exposed to the fate of energy companies. BlackRock’s iShare high-yield bond exchange traded fund, known by its ticker HYG, rose 1 per cent, having dipped 1.8 per cent on Tuesday.
“I have instructed the United States Navy to shoot down and destroy any and all Iranian gunboats if they harass our ships at sea,” Mr Trump wrote in a tweet.
The prospect of renewed tensions in the Middle East gave crude a lift during a week where prices have struggled to contend with an evaporation in demand triggered by the coronavirus pandemic.
Brent rose as high as $22.45 a barrel and settled at $20.37, up more than 5 per cent on the day. The energy sector helped lead a rally on Wall Street that sent the benchmark S&P 500 up 2.3 per cent following two days of falls. The tech-heavy Nasdaq Composite closed up 2.8 per cent.
West Texas Intermediate, the US marker, rose 19 per cent to $13.78 a barrel. It almost halved during the previous session and earlier in the week fell into negative territory for the first time as producers were forced to pay buyers to take oil off their hands ahead of the expiry of futures contracts.
Brent crude remains down about 27 per cent so far this week. Oil production levels have remained robust even as the virus destroys demand, creating a supply glut. An unprecedented cut of almost 10 per cent of global supply by Opec and its allies will take effect next month, but traders worry it is not enough to offset the collapse in consumption.
The head of the International Energy Agency on Tuesday called for the output reductions to be expedited and deepened. Opec members met by phone overnight, but there was no sign they would change their plans.
Stock
2020-04-23 07:46 | Report Abuse
International oil prices rebound following Trump warning
April 22, 2020 8:09 pm by Myles McCormick and Joe Rennison in London, Hudson Lockett in Hong Kong and Matthew Rocco in New York
Brent bounces back from two-decade low after US president takes aim at Iranian vessels
Oil prices rebounded on Wednesday after Donald Trump stoked Middle East tensions, saying that he had ordered US warships to “shoot down and destroy” Iranian vessels if they posed a threat.
The US president’s intervention sent Brent crude back above $20 a barrel after the international benchmark had tumbled to its lowest level since 1999 on concerns over the collapse in global oil demand.
The declaration from Mr Trump also helped buoy the high-yield bond market, which is heavily exposed to the fate of energy companies. BlackRock’s iShare high-yield bond exchange traded fund, known by its ticker HYG, rose 1 per cent, having dipped 1.8 per cent on Tuesday.
“I have instructed the United States Navy to shoot down and destroy any and all Iranian gunboats if they harass our ships at sea,” Mr Trump wrote in a tweet.
The prospect of renewed tensions in the Middle East gave crude a lift during a week where prices have struggled to contend with an evaporation in demand triggered by the coronavirus pandemic.
Brent rose as high as $22.45 a barrel and settled at $20.37, up more than 5 per cent on the day. The energy sector helped lead a rally on Wall Street that sent the benchmark S&P 500 up 2.3 per cent following two days of falls. The tech-heavy Nasdaq Composite closed up 2.8 per cent.
West Texas Intermediate, the US marker, rose 19 per cent to $13.78 a barrel. It almost halved during the previous session and earlier in the week fell into negative territory for the first time as producers were forced to pay buyers to take oil off their hands ahead of the expiry of futures contracts.
Brent crude remains down about 27 per cent so far this week. Oil production levels have remained robust even as the virus destroys demand, creating a supply glut. An unprecedented cut of almost 10 per cent of global supply by Opec and its allies will take effect next month, but traders worry it is not enough to offset the collapse in consumption.
The head of the International Energy Agency on Tuesday called for the output reductions to be expedited and deepened. Opec members met by phone overnight, but there was no sign they would change their plans.
Stock
2020-04-23 07:45 | Report Abuse
International oil prices rebound following Trump warning
April 22, 2020 8:09 pm by Myles McCormick and Joe Rennison in London, Hudson Lockett in Hong Kong and Matthew Rocco in New York
Brent bounces back from two-decade low after US president takes aim at Iranian vessels
Oil prices rebounded on Wednesday after Donald Trump stoked Middle East tensions, saying that he had ordered US warships to “shoot down and destroy” Iranian vessels if they posed a threat.
The US president’s intervention sent Brent crude back above $20 a barrel after the international benchmark had tumbled to its lowest level since 1999 on concerns over the collapse in global oil demand.
The declaration from Mr Trump also helped buoy the high-yield bond market, which is heavily exposed to the fate of energy companies. BlackRock’s iShare high-yield bond exchange traded fund, known by its ticker HYG, rose 1 per cent, having dipped 1.8 per cent on Tuesday.
“I have instructed the United States Navy to shoot down and destroy any and all Iranian gunboats if they harass our ships at sea,” Mr Trump wrote in a tweet.
The prospect of renewed tensions in the Middle East gave crude a lift during a week where prices have struggled to contend with an evaporation in demand triggered by the coronavirus pandemic.
Brent rose as high as $22.45 a barrel and settled at $20.37, up more than 5 per cent on the day. The energy sector helped lead a rally on Wall Street that sent the benchmark S&P 500 up 2.3 per cent following two days of falls. The tech-heavy Nasdaq Composite closed up 2.8 per cent.
West Texas Intermediate, the US marker, rose 19 per cent to $13.78 a barrel. It almost halved during the previous session and earlier in the week fell into negative territory for the first time as producers were forced to pay buyers to take oil off their hands ahead of the expiry of futures contracts.
Brent crude remains down about 27 per cent so far this week. Oil production levels have remained robust even as the virus destroys demand, creating a supply glut. An unprecedented cut of almost 10 per cent of global supply by Opec and its allies will take effect next month, but traders worry it is not enough to offset the collapse in consumption.
The head of the International Energy Agency on Tuesday called for the output reductions to be expedited and deepened. Opec members met by phone overnight, but there was no sign they would change their plans.
Stock
2020-04-23 07:45 | Report Abuse
International oil prices rebound following Trump warning
April 22, 2020 8:09 pm by Myles McCormick and Joe Rennison in London, Hudson Lockett in Hong Kong and Matthew Rocco in New York
Brent bounces back from two-decade low after US president takes aim at Iranian vessels
Oil prices rebounded on Wednesday after Donald Trump stoked Middle East tensions, saying that he had ordered US warships to “shoot down and destroy” Iranian vessels if they posed a threat.
The US president’s intervention sent Brent crude back above $20 a barrel after the international benchmark had tumbled to its lowest level since 1999 on concerns over the collapse in global oil demand.
The declaration from Mr Trump also helped buoy the high-yield bond market, which is heavily exposed to the fate of energy companies. BlackRock’s iShare high-yield bond exchange traded fund, known by its ticker HYG, rose 1 per cent, having dipped 1.8 per cent on Tuesday.
“I have instructed the United States Navy to shoot down and destroy any and all Iranian gunboats if they harass our ships at sea,” Mr Trump wrote in a tweet.
The prospect of renewed tensions in the Middle East gave crude a lift during a week where prices have struggled to contend with an evaporation in demand triggered by the coronavirus pandemic.
Brent rose as high as $22.45 a barrel and settled at $20.37, up more than 5 per cent on the day. The energy sector helped lead a rally on Wall Street that sent the benchmark S&P 500 up 2.3 per cent following two days of falls. The tech-heavy Nasdaq Composite closed up 2.8 per cent.
West Texas Intermediate, the US marker, rose 19 per cent to $13.78 a barrel. It almost halved during the previous session and earlier in the week fell into negative territory for the first time as producers were forced to pay buyers to take oil off their hands ahead of the expiry of futures contracts.
Brent crude remains down about 27 per cent so far this week. Oil production levels have remained robust even as the virus destroys demand, creating a supply glut. An unprecedented cut of almost 10 per cent of global supply by Opec and its allies will take effect next month, but traders worry it is not enough to offset the collapse in consumption.
The head of the International Energy Agency on Tuesday called for the output reductions to be expedited and deepened. Opec members met by phone overnight, but there was no sign they would change their plans.
Stock
2020-04-23 07:43 | Report Abuse
Brent rose as high as $22.45 a barrel and settled at $20.37, up more than 5 per cent on the day. The energy sector helped lead a rally on Wall Street that sent the benchmark S&P 500 up 2.3 per cent following two days of falls. The tech-heavy Nasdaq Composite closed up 2.8 per cent.
West Texas Intermediate, the US marker, rose 19 per cent to $13.78 a barrel. It almost halved during the previous session and earlier in the week fell into negative territory for the first time as producers were forced to pay buyers to take oil off their hands ahead of the expiry of futures contracts.
Brent crude remains down about 27 per cent so far this week. Oil production levels have remained robust even as the virus destroys demand, creating a supply glut. An unprecedented cut of almost 10 per cent of global supply by Opec and its allies will take effect next month, but traders worry it is not enough to offset the collapse in consumption.
The head of the International Energy Agency on Tuesday called for the output reductions to be expedited and deepened. Opec members met by phone overnight, but there was no sign they would change their plans.
Stock
2020-04-23 07:43 | Report Abuse
International oil prices rebound following Trump warning
April 22, 2020 8:09 pm by Myles McCormick and Joe Rennison in London, Hudson Lockett in Hong Kong and Matthew Rocco in New York
Brent bounces back from two-decade low after US president takes aim at Iranian vessels
Oil prices rebounded on Wednesday after Donald Trump stoked Middle East tensions, saying that he had ordered US warships to “shoot down and destroy” Iranian vessels if they posed a threat.
The US president’s intervention sent Brent crude back above $20 a barrel after the international benchmark had tumbled to its lowest level since 1999 on concerns over the collapse in global oil demand.
The declaration from Mr Trump also helped buoy the high-yield bond market, which is heavily exposed to the fate of energy companies. BlackRock’s iShare high-yield bond exchange traded fund, known by its ticker HYG, rose 1 per cent, having dipped 1.8 per cent on Tuesday.
“I have instructed the United States Navy to shoot down and destroy any and all Iranian gunboats if they harass our ships at sea,” Mr Trump wrote in a tweet.
The prospect of renewed tensions in the Middle East gave crude a lift during a week where prices have struggled to contend with an evaporation in demand triggered by the coronavirus pandemic.
Stock
2020-04-23 07:41 | Report Abuse
International oil prices rebound following Trump warning
April 22, 2020 8:09 pm by Myles McCormick and Joe Rennison in London, Hudson Lockett in Hong Kong and Matthew Rocco in New York
Brent bounces back from two-decade low after US president takes aim at Iranian vessels
Oil prices rebounded on Wednesday after Donald Trump stoked Middle East tensions, saying that he had ordered US warships to “shoot down and destroy” Iranian vessels if they posed a threat.
The US president’s intervention sent Brent crude back above $20 a barrel after the international benchmark had tumbled to its lowest level since 1999 on concerns over the collapse in global oil demand.
The declaration from Mr Trump also helped buoy the high-yield bond market, which is heavily exposed to the fate of energy companies. BlackRock’s iShare high-yield bond exchange traded fund, known by its ticker HYG, rose 1 per cent, having dipped 1.8 per cent on Tuesday.
“I have instructed the United States Navy to shoot down and destroy any and all Iranian gunboats if they harass our ships at sea,” Mr Trump wrote in a tweet.
The prospect of renewed tensions in the Middle East gave crude a lift during a week where prices have struggled to contend with an evaporation in demand triggered by the coronavirus pandemic.
Brent rose as high as $22.45 a barrel and settled at $20.37, up more than 5 per cent on the day. The energy sector helped lead a rally on Wall Street that sent the benchmark S&P 500 up 2.3 per cent following two days of falls. The tech-heavy Nasdaq Composite closed up 2.8 per cent.
West Texas Intermediate, the US marker, rose 19 per cent to $13.78 a barrel. It almost halved during the previous session and earlier in the week fell into negative territory for the first time as producers were forced to pay buyers to take oil off their hands ahead of the expiry of futures contracts.
Brent crude remains down about 27 per cent so far this week. Oil production levels have remained robust even as the virus destroys demand, creating a supply glut. An unprecedented cut of almost 10 per cent of global supply by Opec and its allies will take effect next month, but traders worry it is not enough to offset the collapse in consumption.
The head of the International Energy Agency on Tuesday called for the output reductions to be expedited and deepened. Opec members met by phone overnight, but there was no sign they would change their plans.
Stock
2020-04-23 07:39 | Report Abuse
International oil prices rebound following Trump warning
April 22, 2020 8:09 pm by Myles McCormick and Joe Rennison in London, Hudson Lockett in Hong Kong and Matthew Rocco in New York
Brent bounces back from two-decade low after US president takes aim at Iranian vessels
Oil prices rebounded on Wednesday after Donald Trump stoked Middle East tensions, saying that he had ordered US warships to “shoot down and destroy” Iranian vessels if they posed a threat.
The US president’s intervention sent Brent crude back above $20 a barrel after the international benchmark had tumbled to its lowest level since 1999 on concerns over the collapse in global oil demand.
The declaration from Mr Trump also helped buoy the high-yield bond market, which is heavily exposed to the fate of energy companies. BlackRock’s iShare high-yield bond exchange traded fund, known by its ticker HYG, rose 1 per cent, having dipped 1.8 per cent on Tuesday.
“I have instructed the United States Navy to shoot down and destroy any and all Iranian gunboats if they harass our ships at sea,” Mr Trump wrote in a tweet.
The prospect of renewed tensions in the Middle East gave crude a lift during a week where prices have struggled to contend with an evaporation in demand triggered by the coronavirus pandemic.
Brent rose as high as $22.45 a barrel and settled at $20.37, up more than 5 per cent on the day. The energy sector helped lead a rally on Wall Street that sent the benchmark S&P 500 up 2.3 per cent following two days of falls. The tech-heavy Nasdaq Composite closed up 2.8 per cent.
West Texas Intermediate, the US marker, rose 19 per cent to $13.78 a barrel. It almost halved during the previous session and earlier in the week fell into negative territory for the first time as producers were forced to pay buyers to take oil off their hands ahead of the expiry of futures contracts.
Brent crude remains down about 27 per cent so far this week. Oil production levels have remained robust even as the virus destroys demand, creating a supply glut. An unprecedented cut of almost 10 per cent of global supply by Opec and its allies will take effect next month, but traders worry it is not enough to offset the collapse in consumption.
The head of the International Energy Agency on Tuesday called for the output reductions to be expedited and deepened. Opec members met by phone overnight, but there was no sign they would change their plans.
Stock
2020-04-23 07:38 | Report Abuse
Brent rose as high as $22.45 a barrel and settled at $20.37, up more than 5 per cent on the day. The energy sector helped lead a rally on Wall Street that sent the benchmark S&P 500 up 2.3 per cent following two days of falls. The tech-heavy Nasdaq Composite closed up 2.8 per cent.
West Texas Intermediate, the US marker, rose 19 per cent to $13.78 a barrel. It almost halved during the previous session and earlier in the week fell into negative territory for the first time as producers were forced to pay buyers to take oil off their hands ahead of the expiry of futures contracts.
Brent crude remains down about 27 per cent so far this week. Oil production levels have remained robust even as the virus destroys demand, creating a supply glut. An unprecedented cut of almost 10 per cent of global supply by Opec and its allies will take effect next month, but traders worry it is not enough to offset the collapse in consumption.
The head of the International Energy Agency on Tuesday called for the output reductions to be expedited and deepened. Opec members met by phone overnight, but there was no sign they would change their plans.
Stock
2020-04-23 07:37 | Report Abuse
International oil prices rebound following Trump warning
April 22, 2020 8:09 pm by Myles McCormick and Joe Rennison in London, Hudson Lockett in Hong Kong and Matthew Rocco in New York
Brent bounces back from two-decade low after US president takes aim at Iranian vessels
Oil prices rebounded on Wednesday after Donald Trump stoked Middle East tensions, saying that he had ordered US warships to “shoot down and destroy” Iranian vessels if they posed a threat.
The US president’s intervention sent Brent crude back above $20 a barrel after the international benchmark had tumbled to its lowest level since 1999 on concerns over the collapse in global oil demand.
The declaration from Mr Trump also helped buoy the high-yield bond market, which is heavily exposed to the fate of energy companies. BlackRock’s iShare high-yield bond exchange traded fund, known by its ticker HYG, rose 1 per cent, having dipped 1.8 per cent on Tuesday.
“I have instructed the United States Navy to shoot down and destroy any and all Iranian gunboats if they harass our ships at sea,” Mr Trump wrote in a tweet.
The prospect of renewed tensions in the Middle East gave crude a lift during a week where prices have struggled to contend with an evaporation in demand triggered by the coronavirus pandemic.
Stock
2020-04-23 07:32 | Report Abuse
International oil prices rebound following Trump warning
April 22, 2020 8:09 pm by Myles McCormick and Joe Rennison in London, Hudson Lockett in Hong Kong and Matthew Rocco in New York
Brent bounces back from two-decade low after US president takes aim at Iranian vessels
Oil prices rebounded on Wednesday after Donald Trump stoked Middle East tensions, saying that he had ordered US warships to “shoot down and destroy” Iranian vessels if they posed a threat.
The US president’s intervention sent Brent crude back above $20 a barrel after the international benchmark had tumbled to its lowest level since 1999 on concerns over the collapse in global oil demand.
The declaration from Mr Trump also helped buoy the high-yield bond market, which is heavily exposed to the fate of energy companies. BlackRock’s iShare high-yield bond exchange traded fund, known by its ticker HYG, rose 1 per cent, having dipped 1.8 per cent on Tuesday.
“I have instructed the United States Navy to shoot down and destroy any and all Iranian gunboats if they harass our ships at sea,” Mr Trump wrote in a tweet.
The prospect of renewed tensions in the Middle East gave crude a lift during a week where prices have struggled to contend with an evaporation in demand triggered by the coronavirus pandemic.
Brent rose as high as $22.45 a barrel and settled at $20.37, up more than 5 per cent on the day. The energy sector helped lead a rally on Wall Street that sent the benchmark S&P 500 up 2.3 per cent following two days of falls. The tech-heavy Nasdaq Composite closed up 2.8 per cent.
West Texas Intermediate, the US marker, rose 19 per cent to $13.78 a barrel. It almost halved during the previous session and earlier in the week fell into negative territory for the first time as producers were forced to pay buyers to take oil off their hands ahead of the expiry of futures contracts.
Brent crude remains down about 27 per cent so far this week. Oil production levels have remained robust even as the virus destroys demand, creating a supply glut. An unprecedented cut of almost 10 per cent of global supply by Opec and its allies will take effect next month, but traders worry it is not enough to offset the collapse in consumption.
The head of the International Energy Agency on Tuesday called for the output reductions to be expedited and deepened. Opec members met by phone overnight, but there was no sign they would change their plans.
Stock
2020-04-23 07:32 | Report Abuse
International oil prices rebound following Trump warning
April 22, 2020 8:09 pm by Myles McCormick and Joe Rennison in London, Hudson Lockett in Hong Kong and Matthew Rocco in New York
Brent bounces back from two-decade low after US president takes aim at Iranian vessels
Oil prices rebounded on Wednesday after Donald Trump stoked Middle East tensions, saying that he had ordered US warships to “shoot down and destroy” Iranian vessels if they posed a threat.
The US president’s intervention sent Brent crude back above $20 a barrel after the international benchmark had tumbled to its lowest level since 1999 on concerns over the collapse in global oil demand.
The declaration from Mr Trump also helped buoy the high-yield bond market, which is heavily exposed to the fate of energy companies. BlackRock’s iShare high-yield bond exchange traded fund, known by its ticker HYG, rose 1 per cent, having dipped 1.8 per cent on Tuesday.
“I have instructed the United States Navy to shoot down and destroy any and all Iranian gunboats if they harass our ships at sea,” Mr Trump wrote in a tweet.
The prospect of renewed tensions in the Middle East gave crude a lift during a week where prices have struggled to contend with an evaporation in demand triggered by the coronavirus pandemic.
Brent rose as high as $22.45 a barrel and settled at $20.37, up more than 5 per cent on the day. The energy sector helped lead a rally on Wall Street that sent the benchmark S&P 500 up 2.3 per cent following two days of falls. The tech-heavy Nasdaq Composite closed up 2.8 per cent.
West Texas Intermediate, the US marker, rose 19 per cent to $13.78 a barrel. It almost halved during the previous session and earlier in the week fell into negative territory for the first time as producers were forced to pay buyers to take oil off their hands ahead of the expiry of futures contracts.
Brent crude remains down about 27 per cent so far this week. Oil production levels have remained robust even as the virus destroys demand, creating a supply glut. An unprecedented cut of almost 10 per cent of global supply by Opec and its allies will take effect next month, but traders worry it is not enough to offset the collapse in consumption.
The head of the International Energy Agency on Tuesday called for the output reductions to be expedited and deepened. Opec members met by phone overnight, but there was no sign they would change their plans.
Stock
2020-04-23 07:31 | Report Abuse
International oil prices rebound following Trump warning
April 22, 2020 8:09 pm by Myles McCormick and Joe Rennison in London, Hudson Lockett in Hong Kong and Matthew Rocco in New York
Brent bounces back from two-decade low after US president takes aim at Iranian vessels
Oil prices rebounded on Wednesday after Donald Trump stoked Middle East tensions, saying that he had ordered US warships to “shoot down and destroy” Iranian vessels if they posed a threat.
The US president’s intervention sent Brent crude back above $20 a barrel after the international benchmark had tumbled to its lowest level since 1999 on concerns over the collapse in global oil demand.
The declaration from Mr Trump also helped buoy the high-yield bond market, which is heavily exposed to the fate of energy companies. BlackRock’s iShare high-yield bond exchange traded fund, known by its ticker HYG, rose 1 per cent, having dipped 1.8 per cent on Tuesday.
“I have instructed the United States Navy to shoot down and destroy any and all Iranian gunboats if they harass our ships at sea,” Mr Trump wrote in a tweet.
The prospect of renewed tensions in the Middle East gave crude a lift during a week where prices have struggled to contend with an evaporation in demand triggered by the coronavirus pandemic.
Brent rose as high as $22.45 a barrel and settled at $20.37, up more than 5 per cent on the day. The energy sector helped lead a rally on Wall Street that sent the benchmark S&P 500 up 2.3 per cent following two days of falls. The tech-heavy Nasdaq Composite closed up 2.8 per cent.
West Texas Intermediate, the US marker, rose 19 per cent to $13.78 a barrel. It almost halved during the previous session and earlier in the week fell into negative territory for the first time as producers were forced to pay buyers to take oil off their hands ahead of the expiry of futures contracts.
Brent crude remains down about 27 per cent so far this week. Oil production levels have remained robust even as the virus destroys demand, creating a supply glut. An unprecedented cut of almost 10 per cent of global supply by Opec and its allies will take effect next month, but traders worry it is not enough to offset the collapse in consumption.
The head of the International Energy Agency on Tuesday called for the output reductions to be expedited and deepened. Opec members met by phone overnight, but there was no sign they would change their plans.
Stock
2020-04-23 07:31 | Report Abuse
International oil prices rebound following Trump warning
April 22, 2020 8:09 pm by Myles McCormick and Joe Rennison in London, Hudson Lockett in Hong Kong and Matthew Rocco in New York
Brent bounces back from two-decade low after US president takes aim at Iranian vessels
Oil prices rebounded on Wednesday after Donald Trump stoked Middle East tensions, saying that he had ordered US warships to “shoot down and destroy” Iranian vessels if they posed a threat.
The US president’s intervention sent Brent crude back above $20 a barrel after the international benchmark had tumbled to its lowest level since 1999 on concerns over the collapse in global oil demand.
The declaration from Mr Trump also helped buoy the high-yield bond market, which is heavily exposed to the fate of energy companies. BlackRock’s iShare high-yield bond exchange traded fund, known by its ticker HYG, rose 1 per cent, having dipped 1.8 per cent on Tuesday.
“I have instructed the United States Navy to shoot down and destroy any and all Iranian gunboats if they harass our ships at sea,” Mr Trump wrote in a tweet.
The prospect of renewed tensions in the Middle East gave crude a lift during a week where prices have struggled to contend with an evaporation in demand triggered by the coronavirus pandemic.
Brent rose as high as $22.45 a barrel and settled at $20.37, up more than 5 per cent on the day. The energy sector helped lead a rally on Wall Street that sent the benchmark S&P 500 up 2.3 per cent following two days of falls. The tech-heavy Nasdaq Composite closed up 2.8 per cent.
West Texas Intermediate, the US marker, rose 19 per cent to $13.78 a barrel. It almost halved during the previous session and earlier in the week fell into negative territory for the first time as producers were forced to pay buyers to take oil off their hands ahead of the expiry of futures contracts.
Brent crude remains down about 27 per cent so far this week. Oil production levels have remained robust even as the virus destroys demand, creating a supply glut. An unprecedented cut of almost 10 per cent of global supply by Opec and its allies will take effect next month, but traders worry it is not enough to offset the collapse in consumption.
The head of the International Energy Agency on Tuesday called for the output reductions to be expedited and deepened. Opec members met by phone overnight, but there was no sign they would change their plans.
Stock
2020-04-23 07:30 | Report Abuse
International oil prices rebound following Trump warning
April 22, 2020 8:09 pm by Myles McCormick and Joe Rennison in London, Hudson Lockett in Hong Kong and Matthew Rocco in New York
Brent bounces back from two-decade low after US president takes aim at Iranian vessels
Oil prices rebounded on Wednesday after Donald Trump stoked Middle East tensions, saying that he had ordered US warships to “shoot down and destroy” Iranian vessels if they posed a threat.
The US president’s intervention sent Brent crude back above $20 a barrel after the international benchmark had tumbled to its lowest level since 1999 on concerns over the collapse in global oil demand.
The declaration from Mr Trump also helped buoy the high-yield bond market, which is heavily exposed to the fate of energy companies. BlackRock’s iShare high-yield bond exchange traded fund, known by its ticker HYG, rose 1 per cent, having dipped 1.8 per cent on Tuesday.
“I have instructed the United States Navy to shoot down and destroy any and all Iranian gunboats if they harass our ships at sea,” Mr Trump wrote in a tweet.
The prospect of renewed tensions in the Middle East gave crude a lift during a week where prices have struggled to contend with an evaporation in demand triggered by the coronavirus pandemic.
Brent rose as high as $22.45 a barrel and settled at $20.37, up more than 5 per cent on the day. The energy sector helped lead a rally on Wall Street that sent the benchmark S&P 500 up 2.3 per cent following two days of falls. The tech-heavy Nasdaq Composite closed up 2.8 per cent.
West Texas Intermediate, the US marker, rose 19 per cent to $13.78 a barrel. It almost halved during the previous session and earlier in the week fell into negative territory for the first time as producers were forced to pay buyers to take oil off their hands ahead of the expiry of futures contracts.
Brent crude remains down about 27 per cent so far this week. Oil production levels have remained robust even as the virus destroys demand, creating a supply glut. An unprecedented cut of almost 10 per cent of global supply by Opec and its allies will take effect next month, but traders worry it is not enough to offset the collapse in consumption.
The head of the International Energy Agency on Tuesday called for the output reductions to be expedited and deepened. Opec members met by phone overnight, but there was no sign they would change their plans.
Stock
2020-04-23 07:29 | Report Abuse
International oil prices rebound following Trump warning
April 22, 2020 8:09 pm by Myles McCormick and Joe Rennison in London, Hudson Lockett in Hong Kong and Matthew Rocco in New York
Brent bounces back from two-decade low after US president takes aim at Iranian vessels
Oil prices rebounded on Wednesday after Donald Trump stoked Middle East tensions, saying that he had ordered US warships to “shoot down and destroy” Iranian vessels if they posed a threat.
The US president’s intervention sent Brent crude back above $20 a barrel after the international benchmark had tumbled to its lowest level since 1999 on concerns over the collapse in global oil demand.
The declaration from Mr Trump also helped buoy the high-yield bond market, which is heavily exposed to the fate of energy companies. BlackRock’s iShare high-yield bond exchange traded fund, known by its ticker HYG, rose 1 per cent, having dipped 1.8 per cent on Tuesday.
“I have instructed the United States Navy to shoot down and destroy any and all Iranian gunboats if they harass our ships at sea,” Mr Trump wrote in a tweet.
The prospect of renewed tensions in the Middle East gave crude a lift during a week where prices have struggled to contend with an evaporation in demand triggered by the coronavirus pandemic.
Brent rose as high as $22.45 a barrel and settled at $20.37, up more than 5 per cent on the day. The energy sector helped lead a rally on Wall Street that sent the benchmark S&P 500 up 2.3 per cent following two days of falls. The tech-heavy Nasdaq Composite closed up 2.8 per cent.
West Texas Intermediate, the US marker, rose 19 per cent to $13.78 a barrel. It almost halved during the previous session and earlier in the week fell into negative territory for the first time as producers were forced to pay buyers to take oil off their hands ahead of the expiry of futures contracts.
Brent crude remains down about 27 per cent so far this week. Oil production levels have remained robust even as the virus destroys demand, creating a supply glut. An unprecedented cut of almost 10 per cent of global supply by Opec and its allies will take effect next month, but traders worry it is not enough to offset the collapse in consumption.
The head of the International Energy Agency on Tuesday called for the output reductions to be expedited and deepened. Opec members met by phone overnight, but there was no sign they would change their plans.
Stock
2020-04-23 07:13 | Report Abuse
Wow, Fantastic,
Oil price started it’s bull run again !
Nymex closed at=> $13.78 (rose +19%)
Brent closed at=> $20.37 (rose +5%)
Stock
2020-04-23 07:13 | Report Abuse
Wow, Fantastic,
Oil price started it’s bull run again !
Nymex closed at=> $13.78 (rose +19%)
Brent closed at=> $20.37 (rose +5%)
Stock
2020-04-23 07:12 | Report Abuse
Wow, Fantastic,
Oil price started it’s bull run again !
Nymex closed at=> $13.78 (rose +19 percent)
Brent closed at=> $20.37 (rose +5 percent)
Stock: [GENTING]: GENTING BHD
2020-04-23 08:17 | Report Abuse
International oil prices rebound following Trump warning
April 22, 2020 8:09 pm by Myles McCormick and Joe Rennison in London, Hudson Lockett in Hong Kong and Matthew Rocco in New York
Brent bounces back from two-decade low after US president takes aim at Iranian vessels
Oil prices rebounded on Wednesday after Donald Trump stoked Middle East tensions, saying that he had ordered US warships to “shoot down and destroy” Iranian vessels if they posed a threat.
The US president’s intervention sent Brent crude back above $20 a barrel after the international benchmark had tumbled to its lowest level since 1999 on concerns over the collapse in global oil demand.
The declaration from Mr Trump also helped buoy the high-yield bond market, which is heavily exposed to the fate of energy companies. BlackRock’s iShare high-yield bond exchange traded fund, known by its ticker HYG, rose 1 per cent, having dipped 1.8 per cent on Tuesday.
“I have instructed the United States Navy to shoot down and destroy any and all Iranian gunboats if they harass our ships at sea,” Mr Trump wrote in a tweet.
The prospect of renewed tensions in the Middle East gave crude a lift during a week where prices have struggled to contend with an evaporation in demand triggered by the coronavirus pandemic.
Brent rose as high as $22.45 a barrel and settled at $20.37, up more than 5 per cent on the day. The energy sector helped lead a rally on Wall Street that sent the benchmark S&P 500 up 2.3 per cent following two days of falls. The tech-heavy Nasdaq Composite closed up 2.8 per cent.
West Texas Intermediate, the US marker, rose 19 per cent to $13.78 a barrel. It almost halved during the previous session and earlier in the week fell into negative territory for the first time as producers were forced to pay buyers to take oil off their hands ahead of the expiry of futures contracts.
Brent crude remains down about 27 per cent so far this week. Oil production levels have remained robust even as the virus destroys demand, creating a supply glut. An unprecedented cut of almost 10 per cent of global supply by Opec and its allies will take effect next month, but traders worry it is not enough to offset the collapse in consumption.
The head of the International Energy Agency on Tuesday called for the output reductions to be expedited and deepened. Opec members met by phone overnight, but there was no sign they would change their plans.