U.S. West Texas Intermediate (WTI) crude futures hit a low of $19.92 in early trading and last traded down 5.2%, or $1.12, at $20.39 a barrel as of 2332 GMT.
Brent futures fell 5.6%, or $1.40, to $23.53 a barrel.
Rolling coverage of the latest economic and financial news as oil prices jump by more than 30% and the US jobless report reveals scale of coronavirus damage * US president claims oil production cut deal; Russia denies agreement * US initial jobless claims hit record; 6.6m people signed on last week * Earlier: One in four UK firms cut staff levels * Coronavirus – latest updates * See all our coronavirus coverage
13:11 EDT Closing summary: Trump sends oil prices rocketing and US jobless claims soar Donald Trump sent oil markets into an unprecedented buying frenzy on Thursday afternoon, after tweeting that Saudi Arabia and Russia had reached a deal on production cuts. Russia poured cold water on the details, saying there had been no deal, but it still put oil futures prices on track for the biggest daily rise ever. At the time of writing Brent crude futures prices had gained 22%. Here are the other important developments from today: * More than 6.6m Americans filed jobless claims last week, by far the largest number in history and an indication that unemployment could reach a record high. Economists said it was one of the starkest indications yet of the scale of the economic pain already inflicted on the US.
* In the UK, the experimental data from the Office for National Statistics said that a quarter of UK companies are already cutting staffing levels “in the short term” due to the coronavirus crisis. * British Airways confirmed that it will cut capacity by 90% year-on-year for April and May and furlough 30,000 cabin crew. * British Gas owner Centrica has joined the ranks of companies cancelling their dividends. It also announced £400m in spending cuts this morning. * National Express cancelled all of its services across the UK. And of course you can continue to follow all of our coverage of the coronavirus pandemic. In the UK, health secretary Matt Hancock says the government has written off £13.4bn of historic NHS debt:
* Oil prices surged as much as 35% on Thursday after President Donald Trump said he expected Saudi Arabia and Russia to reach a deal that could end their price war and likely mitigate a sharp price collapse. * Trump said he spoke with leaders in both countries as global demand for oil continues to evaporate while much of the world is in lockdown. * A Saudi Arabia-Russia pact is expected to scale back a supply surge that led to US oil tumbling to an 18-year low earlier this week. * Watch oil trade live here.
Oil rallied sharply on Thursday after President Donald Trump said he expected Saudi Arabia and Russia to cut back on oil production to save the drowning oil and gas industry. Brent crude oil jumped as much as 47%, to $36.29, while West Texas Intermediate crude rose 35%, to $27.39, at intrasession highs. The resource started rallying on Wednesday after Trump first signaled a potential agreement between Saudi Arabia and Russia. Trump provided different volume estimates in separate tweets, first mentioning a cutback of about 10 million barrels and then suggesting it could be "as high as 15 Million Barrels." Trump said on Wednesday that he believed a deal would be reached within days. Such a deal is expected to lower production and bring prices back up. Trump also said he had invited American oil executives to the White House to discuss measures to aid the oil industry, which has been hurt by a slump in demand due to both the coronavirus outbreak and the price war. The oil strategy meeting would include CEOs from Exxon, Chevron, Occidental Petroleum, Devon Energy, Phillips 66, and Energy Transfer Partners, as well as the former Continental Resources CEO Harold Hamm, according to CNBC.
(Reuters) - Saudi Arabia called on Thursday for an emergency meeting of OPEC and non-OPEC oil producers as it aims to reach a fair oil agreement to stabilize the oil market, state news agency SPA reported.
KUALA LUMPUR (April 3): Amid the Covid-19 pandemic this year, Malaysia's unemployment rate is expected to shoot up to 4% this year, from 3.3% in 2019, said Bank Negara Malaysia (BNM).
Labour market conditions, in general, are expected to be weak this year, affected by the Covid-19 pandemic.
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