Billionaire Richard Branson’s space tourism company Virgin Galactic Holdings Inc will keep running as a critical infrastructure business, even as many U.S. states in which it operates have mandated business closures during the coronavirus outbreak.
(Bloomberg) — Oil declined after an initial jump as an historic deal among the world’s top producers to cut global output by nearly a 10th failed to revive prices that have been pummeled by the coronavirus.Futures in New York rose as much as 9% but quickly reversed those gains as markets opened following a three-day break. The OPEC+ alliance agreed to a plan to slash production by 9.7 million barrels a day starting in May, ending a price war between Saudi Arabia and Russia. The producer group reached a deal following days of intense negotiations after Mexico declined to endorse …read more […]
Stock futures fell Sunday evening at the end a holiday weekend in the U.S., declining after last week’s rally sent the S&P 500 to its best weekly gain since 1974. …read more […]
Canada on Sunday formally welcomed a deal by OPEC and allies to cut oil output by a record amount, saying Ottawa was committed to achieving price certainty and economic stability.
An oil producer deal to make record output cuts will lend some support this week to oil prices that have lost half their value this year as the coronavirus hammers demand.
(Bloomberg Opinion) — After four days of high drama, low farce and long periods of tedium, the OPEC+ group of countries, led by Saudi Arabia and Russia, finally agreed to a record cut in their oil production in response to the coronavirus-triggered collapse in demand. But the deal will come under pressure when the world becomes a more normal place again.The drama was provided by Mexico refusing to accept its allotted cut. The farce followed when the country’s oil minister left the virtual OPEC+ meeting to hold separate talks with her U.S. and Canadian counterparts, while the other energy ministers …read more […]
The majority of a small group of coronavirus patients showed their condition improve after treatment with remdesivir, an experimental drug being developed by Gilead Sciences Inc. (GILD), according to a study published in the The New England Journal of Medicine.The study is based on results from a cohort analysis of 53 patients hospitalized with severe COVID-19 symptoms in the U.S. and around the world, who were treated with the investigational antiviral remdesivir on an individual compassionate use basis. About two-thirds of the patients showed improvement in oxygen support and 17 of 30 of those treated who were on ventilators were …read more […]
OPEC, Russia and other oil producing nations agreed on Sunday to cut output by a record 9.7 million barrels per day for May-June, representing around 10% of global supply, to support oil prices amid the pandemic, according to sources. The agreement, could put a floor on oil prices and provide a psychological boost for equity investors, since talks had hit roadblocks late last week. If it was a bigger cut “then you would’ve seen oil prices strengthen to $30 very quickly and that would be helpful for equity markets but we didn’t get that,” said Peter Cardillo, chief …read more […]
The European Union’s competition chief told the Financial Times that member countries should buy stakes in companies to counter the threat of Chinese takeovers, with her comments coming as the EU formulates plans to protect its businesses amid the coronavirus outbreak.
Mexico will reduce its oil output by 100,000 barrels per day (bpd) from May after top oil producers collectively agreed to cut production by 9.7 million barrels per day at OPEC+ talks, Mexican officials said on Sunday.
The United Arab Emirates is committed to reducing oil production from its current level of 4.1 million barrels per day (MBOPD), energy minister Suhail Al Mazrouei said in a tweet on Sunday.
Russian President Vladimir Putin, U.S. President Donald Trump and Saudi Arabia’s King Salman all supported the OPEC+ deal to cut global crude output, the Kremlin said on Sunday.
OPEC, Russia and other oil producing nations agreed on Sunday to cut output by a record amount, representing around 10% of global supply, to support oil prices amid the coronavirus pandemic.
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