Month: April 2020

(Bloomberg) — From Russia’s northeastern coast of Sakhalin to the Permian basin in the U.S., oil is going cheap as sellers slash prices in a desperate attempt to attract buyers.Refiners across the world have made deep cuts to crude-processing rates due to slumping consumption and a growing fuel glut, leaving producers struggling to find buyers for their cargoes. Sellers, meanwhile, are aggressively dropping the price of their oil while they tussle for the remnants of demand, with the prospect of forced output cuts looming as global storage swells.In recent days, benchmark crude prices have rallied in the financial markets, primarily …read more […]

Oil rose on Tuesday amid hopes that the world’s biggest producers of crude will agree to curtail production as the coronavirus pandemic ravages the global economy, even as analysts cautioned the cuts may do little to boost demand. Brent crude was up by 73 cents, or 2.2%, at $33.78 a barrel by 0026 GMT after falling more than 3% on Monday. The world’s main oil producers including Saudi Arabia and Russia are likely to agree to cut output at a meeting on Thursday, although that would also depend on the United States doing its share, sources told …read more […]

(Bloomberg) — Gold surged, with futures leading the way higher to hit the highest level in more than seven years, as investors weighed the widening economic fall-out from the coronavirus pandemic and the prospects of more stimulus in top economies.Bullion is in demand, with JPMorgan Chase & Co.’s Jamie Dimon saying the disease will lead to a major major downturn. The jump came even as risk assets posted gains on signs the outbreak may be leveling off. Amid the rally, the spread between gold futures and spot prices ballooned once again.“Even though hopes are rising of a slowdown in the …read more […]

Streaming-device maker Roku Inc launched its Roku Channel in Britain on Tuesday, offering free access to more than 10,000 movies, TV episodes and documentaries at a time when the coronavirus is driving demand for stay-at-home entertainment. The Roku Channel, which is available using a Roku streaming player, Roku TV or pay-TV company Sky’s NOW TV device or Sky Q box, will show British series including “Homes Under the Hammer”, “Ultimate Force” and “Skins” and Hollywood hits like “Get Carter”, the company said. Rob Holmes, vice president of programming, said there was an opportunity to supplement subscription video-on-demand services …read more […]

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(Bloomberg) — The world’s largest oil producers are pressing ahead with talks for an unprecedented deal to mitigate the devastating impact of the coronavirus crisis on their industry, even as their leaders exchange barbs. The challenge now is to nail down numbers everyone can live with.Ministers and diplomats will spend the next two days talking about who’s willing to cut production, and by how much. The most important contributions will come from oil’s trio of big powers: Saudi Arabia, Russia and the U.S.An effective deal will require all three to participate, but not every barrel cut will be the same. …read more […]