At the beginning of 2020 a barrel of u. S. Crude oil cost around 60. 00 then came the coronavirus pandemic forcing states toward a lockdown and emptying streets closing businesses and shuttering factories across the nation demand dried up and the price fell to 18. 00 on monday things took a catastrophic turn for the 1st time in history u. S. Oil went into negative territory a doomsday scenario for the entire industry President Trump called the drop interesting despite the crash hitting the stock market were filling up our National Petroleum reserves through dziedzic you know the Strategic Reserves and were looking to put as much as 75000000. 00 barrels into the reserves themselves that would top it out that would be 1st time in a long time its been tapped out would get it for the right price capacity though both online and see in the United States is filling up since march stockpiles in some locations have risen by 50 percent in some places the price of fuel is now at a 10 year low dem
Futures indicating gain at start of trading. Take a look. Dow industrials up 38 points on top of rally yesterday fueled by a rise in oil prices. All the major indices higher this morning. Oil prices adding to yesterdays gains as well. Take a look at yesterdays close. Dow industrials up 456 points. Other averages also strong, oil prices this morning 1. 95 at 1573 creeping back higher on oil. Reopening the american economy, lockdown easing in some areas of the country bringing cheers to some and concerns to other including the white house. Most if not all of the economy will open later this summer. Secretary of state mike pompeo meanwhile blasting china and the World Health Organization saying they need to be held accountable for lack of transparency as the focus remains on the lab in wuhan as the origin of virus, something ive been putting a spotlight for months. Meanwhile missouri is filing a lawsuit against the Chinese Government. Attorney general eric schmitt, 7 30 a. M. Eastern on G
A deal to cut production iran says its exempt from the agreement along with libya and venezuela. A 2 week cease fire comes into effect in yemen but the heathy say they wont stop fighting while the country is still under siege. And hundreds of millions of children desperately needing food we look at the difficulties for aid agencies during the coronavirus crisis. So that the damage to the worlds biggest economy from the current of our shutdown is really hitting home in the past week another 6600000 people in the United States have joined the jobless queue and that means nearly 17000000 americans have now filed for Unemployment Benefits in just 3 weeks that figure is around one in 10 workers White House Correspondent can be help it says there are fears the figures could be even worse. Nothing like this scene in modern history and it is expected to be more because heres the reality the states unemployment offices are overwhelmed they cannot keep up with the processing of claims so weve ha
Delivery of 7 . Look how we are in terms of the major indexes. Asian markets, most in losses tracking to 3 drop on wall street overnight. Opened slightly earlier love earlier. Slightly lower earlier. We are watching petrochina down at this point in time. The hang seng, down about 1 . Kong announced an expansion of its restrictions aimed at curbing the spread of covid19. That would weigh on the economy even more. The sti, down more than 3 . This is a market that returned to bull territory recently and citi said investors are pricing in post recovery. Singapore reports higher cases, more than 1000 for the second day running. I want to dial back to the oil story because we see oil moving to the upside after two days of unprecedented action and a spectacular selloff. Opecplus ministers holding an unscheduled conference to discuss what has been going on. The closing statement signals there are no new measures planned at the moment. Lets bring in mliv asia editor. Oil is on the up. We had tw
I think is kind of that something that you just talked about about the the people there with disputed back into the family purse from the United States obviously a worry for mexico is going to be something that might be in their mind is going to be sort of not happening what the mother just 6 months and that was the flight deputies from the United States what tamala 75 percent of that flight tested positive for coronavirus thats what guatemalan authorities said so people being deported from the United States to these countries i think its being watched if they are coming back catch the with the coronavirus now thats on the border of the sleeve of the United States and mexico or the country in general at the moment the numbers seem to be staying low in comparison with as you mentioned brazil there which scott more than 40000. 00 cases theres about just a bit more than a 1000 cases here in mexico at the moment but there are signs that people might be react relaxing somewhat more people g