Oil prices shed more than 10% on Tuesday, with investors apparently unconvinced that record supply cuts could soon balance markets pummeled by the coronavirus pandemic, though a predicted plunge in U.S. shale output provided some support.
U.S. West Texas Intermediate crude fell 10.26% to settle at $20.11 per barrel, having dropped 1.5% in the previous session.
Brent futures fell $2.14, or 6.7%, to $29.60 per barrel after settling up 0.8% on Monday.
The International Energy Agency (IEA) on Wednesday forecast a 29 million barrel per day (bpd) dive in April oil demand to levels not seen in 25 years and said no output cut could fully offset the near-term falls facing the market.
Brent crude fell $2.04, or 6.8%, to $27.59 a barrel, giving up an earlier gain.
U.S. West Texas Intermediate crude slid 45 cents, or 2.2%, to $19.67. Earlier in the session WTI dropped to its lowest level since Feb. 2002.
At 3.5 sen, can buy 1m shares at a cost of Rm35K and then wait for it to double. Sell and make Rm35K. How long that will take, nobody knows. It is a gamble. If Alam goes bust, lose Rm35K. Bye Bye.
Guys.I m a new kid on d block.I have brainstormed with my optimistic team that this co will not close shop. Co has just been awarded contract by PCSB worth 25 mill till May next year. I m x oil man + my other Winningteammates who r in d oilfield doing drilling etc... This is a niche services co registered as a Petronas UpstreaM VENDOR
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This book is the result of the author's many years of experience and observation throughout his 26 years in the stockbroking industry. It was written for general public to learn to invest based on facts and not on fantasies or hearsay....
Investsucess Trader
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Posted by Investsucess Trader > 2020-04-13 19:31 | Report Abuse
Ok I wait then...