Year: 2020

(Bloomberg) — Oil was anchored near $20 a barrel after closing at an 18-year low as concerns over virus-led demand destruction outweigh an agreement by the world’s biggest producers to curb supply.U.S. crude stockpiles ballooned by a record 19.2 million barrels and gasoline consumption held near the lowest level in three decades last week as efforts to stem the spreading coronavirus curb travel and keep people in their homes. The International Energy Agency said Wednesday that even output cuts by OPEC+ couldn’t counter the demand collapse caused by the pandemic.Oil has erased around two-thirds of its value this year as …read more […]

Oil rose on Thursday, with U.S. crude rebounding from near-20-year lows in the previous session on hopes that a big build-up in U.S. inventories may mean producers have little option but to deepen output cuts as the coronavirus pandemic ravages demand. Brent crude was up 69 cents, or 2.5%, at $28.38 a barrel by 0102 GMT. U.S. West Texas Intermediate (WTI) was up 56 cents, or 2.8%, at $20.43. …read more […]

China, where the coronavirus pandemic started in December, is cautiously trying to get back to business, but it’s not easy when many millions of workers are wary of spending much or even going out. Millions of families were told to stay home under unprecedented controls that have been copied by the United States, Europe and India. The ruling Communist Party says the outbreak, which killed more than 3,340 people among more than 82,341 confirmed cases as of Thursday, is under control. …read more […]

The memo was from Chief Executive Oscar Munoz and President Scott Kirby. Like other U.S. airlines, travel demand for Chicago-based United has cratered as most U.S. states have ordered residents to stay at home in order to contain spread of the coronavirus. United said it flew less than 200,000 people in the first two weeks of April, a 97% drop from the more than 6 million people it flew during the same time in 2019. …read more […]

Oil rose on Thursday, with U.S. crude rebounding from near-20-year lows in the previous session on hopes that a big build-up in U.S. inventories may mean producers have little option but to deepen output cuts as the coronavirus pandemic ravages demand. Brent crude was up 69 cents, or 2.5%, at $28.38 a barrel by 0102 GMT. U.S. West Texas Intermediate (WTI) was up 56 cents, or 2.8%, at $20.43. …read more […]

The news comes as the fast-spreading pandemic led to the extension of the “no sail order” for all cruise ships by the U.S. Centers for Disease Control, as it looks to curb the spread of the virus. “A majority were layoffs,” a company spokesperson said, without specifying separately the percentage of furlough and layoffs. …read more […]

The global economy is already in the early throes of a recession, but business is booming at Amazon (AMZN). As Deutsche Bank’s Lloyd Walmsley puts it: “it may not be judicious for the company to be perceived as profiting from the COVID-related turmoil.”The proof is in the pudding. While unemployment figures have risen dramatically since the viral outbreak has sent millions of workers home, Amazon has set in motion the hiring of an additional 100,000 employees to help with the surging demand. According to the NY Times, orders for Amazon groceries are 50 times higher than normal during this stay-at-home …read more […]