Crude oil futures surged on Thursday after U.S. President Donald Trump said he expected Saudi Arabia and Russia to reach a deal soon to end their oil price war and Russian President Vladimir Putin called for a solution to “challenging” oil markets.
The global crisis caused by the coronavirus pandemic will be felt throughout oil’s global supply chains and ripple into other parts of the energy sector, the International Energy Agency (IEA) said in a report on Wednesday.
Saudi Arabia supports cooperation between oil producers to stabilize the oil market but Russia’s opposition to a proposal last month to deepen oil supply cuts has caused market turmoil, a senior Gulf source familiar with Saudi thinking told Reuters.
Boeing Co was set to offer employee buyout and early retirement packages, two people familiar with the matter said on Wednesday, a bid to mitigate the financial fallout from the coronavirus pandemic.
The dollar held gains on Thursday as investors rushed to the safety of the world’s most liquid currency given the massive disruption to global trade due to the coronavirus pandemic.
Carnival Corp , the world’s largest cruise operator, said it has raised $6.25 billion by issuing new debt and equity on Wednesday, borrowing at a high cost to weather the economic storm of the coronavirus pandemic.
The U.S. Treasury Department has hired Wall Street bankers and lawyers to advise on providing tens of billions of dollars in aid to the airline, cargo and defense sectors, people familiar with the matter said on Wednesday.
Top U.S. banks have threatened to give the federal government’s small-business rescue program a miss on concerns about taking on too much financial and legal risk, five people with direct knowledge of industry discussions told Reuters.
U.S. President Donald Trump said he has invited U.S. oil executives to the White House to discuss ways to help the industry “ravaged” by slumping energy demand during the coronavirus outbreak and a price war between Saudi Arabia and Russia.
Carnival Corp , the world’s largest cruise operator, raised $6.25 billion by issuing new debt and equity on Wednesday, borrowing at a high cost to weather the economic storm of the coronavirus pandemic, people familiar with the matter said.
U.S. President Donald Trump said on Wednesday he expected Saudi Arabia and Russia to reach a deal in the next few days on oil production to end a price war that has “ravaged” the oil industry worldwide.
The U.S. Energy Department on Wednesday urged Saudi Arabia and Russia to calm oil markets after the kingdom’s crude supply rose to a record of more than 12 million barrels per day even as oil demand falters on the coronavirus pandemic.
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