Oil surges 13% on reports that OPEC and allies are working on a deal to cut production amid the coronavirus pandemic Carmen Reinicke Apr. 3, 2020, 10:27 AM
* Oil prices surged Friday, continuing gains from the best day on record Thursday. * US West Texas Intermediate crude surged as much as 13% to $28.56 per barrel Friday, while Brent crude jumped 17% to $34.91 per barrel at its intraday highs. * A Reuters report that OPEC and its allies will meet Monday to discuss a production cut amid the coronavirus pandemic fueled the gains. * Watch oil trade live on Markets Insider. * Read more on Business Insider.
Oil climbed on Friday, extending gains from the best day on record Thursday, after OPEC and its allies said they will meet Monday to discuss a production cut amid the coronavirus pandemic, according to a Reuters. US West Texas Intermediate crude surged as much as 13% to $28.56 per barrel after gaining 25% Thursday. International benchmark Brent crude jumped 17% to $34.91 per barrel at its Friday intraday highs, continuing the previous day's 21% gain. The cut could be around 10% of global supply, Reuters reported Monday, citing an OPEC source. The meeting to discuss a potential deal to curb production came after President Donald Trump told CNBC Thursday he expected Saudi Arabia and Russia to announce a deal to drastically cut oil production.
WASHINGTON – Presiden Amerika Syarikat (AS), Donald Trump percaya Rusia dan Arab Saudi akan berbincang semula dan mengakhiri perang harga minyak tidak lama lagi dengan menurunkan pengeluaran sekali gus menstabilkan semula harga minyak.
“Saya akan bertemu dengan pengeluar-pengeluar minyak pada hari Jumaat. Saya juga akan bertemu dengan pengeluar-pengeluar minyak bebas sama ada pada hari Jumaat atau Sabtu. Mungkin hari Ahad, kami ada banyak mesyuarat mengenainya,” katanya.
Tambah beliau, industri minyak di seluruh dunia telah musnah dan ia tidak baik untuk Rusia dan Arab Saudi.
”Maksud saya, tidak baik untuk kedua-duanya. Saya rasa mereka akan membuat perjanjian,” ujar beliau.
Harga minyak dunia telah jatuh kira-kira dua per tiga tahun ini kerana koronavirus yang telah menjejaskan ekonomi global.
Keadaan ini diburukkan lagi dengan limpahan minyak oleh pengeluar utama dunia, Arab Saudi dan Rusia.
Kejatuhan harga minyak memberi ancaman kepada industri penggerudian AS sekali gus mengakibatkan pemberhentian kerja besar-besaran dan muflis.
Trump dijangka membincangkan pelbagai pilihan untuk membantu industri, termasuk kemungkinan tarif import minyak dari Arab Saudi, menurut Wall Street Journal.
Presiden AS itu pada minggu ini menyifatkan perang harga minyak antara Rusia dan Arab Saudi sebagai ‘gila’.
Dua pemimpin tenaga dari dua negara itu kemudian saling berhubung dan bersetuju untuk meneruskan perbuncangan dengan pengeluar-pengeluar utama minyak global.
Malah, pentadbiran Trump juga merancang untuk menghantar wakil khas ke Riyadh untuk membincangkan mengenai penurunan pengeluaran.
Arab Saudi telah meningkatkan bekalan minyak mentah pada hari Rabu kepada lebih 12 juta tong sehari, menurut sumber industri, biarpun permintaan menurun. –
Then when coronavirus getting less up again.. Zero infection up again... US shale gas all bankrupt up again.. Vaccine corona virus out up again.. Areoplane can jalan travel up again.. Economy getting better up again.. Djia better up again... Malaysia 2020 tourism year continue up again.. Trump win election up again..
MOSCOW: Russia bersedia bekerjasama dengan Arab Saudi dan Amerika Syarikat (AS) untuk mengurangkan pengeluaran minyak, kata Presiden Vladimir Putin, semalam.
Beliau berkata, Russia sanggup membuat perjanjian dalam rangka kerja kumpulan OPEC+ dan bersedia bekerjasama dengan AS dalam isu itu, menurut satu kenyataan dikeluarkan oleh Kremlin.
“Saya percaya penggabungan usaha adalah perlu bagi menyeimbangkan pasaran dan mengurangkan pengeluaran,” menurut kenyataan itu.
Harga minyak jatuh dalam beberapa minggu kebelakangan ini susulan kemerosotan permintaan dan ketidaktentuan ekonomi global akibat pandemik COVID-19.
Bulan lalu, OPEC dan sekutunya gagal mencapai persetujuan berhubung pengurangan pengeluaran minyak selepas Moscow yang mengetuai OPEC+, enggan mengetatkan pembekalan bagi menangani kesan wabak berkenaan.
Putin dalam satu perbualan dengan Menteri Tenaga, Alexander Novak, berkata Russia bersedia berbincang mengenai ‘pengurangan kira-kira 10 juta tong sehari, sedikit kurang, mungkin sedikit lebih’.
Katanya, Russia berhubung rapat dengan Arab Saudi dan beliau juga telah bercakap dengan Presiden AS, Donald Trump, baru-baru ini. - AFP
The alliance (OPEC+) is tentatively aiming to hold the virtual gathering on April 9 instead of Monday as it previously intended, a delegate familiar with the matter said.
Meeting suppose on April 6 (Monday), delayed to April 9 (Thursday). So, got 3 more days for us to Sailang on O & G stocks before it’s share price spike up to sky high ! Huat ah ! Heng ah ! Ong ah !
China today plan to buy all the oil for its emergency reserves and snatch up cheaper barrels for its stockpiles. Most likely oil price will rally another week. Good news for global oil market.
Yemen’s Saudi-aligned government says Houthis attacked oil pipeline pumping station in Ma’rib: Saudi Press Agency / The Mighty 790 KFGO | KFGO Thomson Reuters April 05, 2020 01:45 am
DUBAI (Reuters) - The oil ministry of the internationally-recognized, Saudi-aligned government in Yemen said on Sunday the Iran-aligned Houthi group had attacked an oil pipeline pumping station in the province of Ma'rib, the state-run Saudi Press Agency reported. The pipeline is operated by the Safer oil company, owned by Yemen's Saudi-aligned government, the agency added, without giving details on the attack. A spokesman for the Houthi group was not immediately reachable for comment.
(Reporting by Maher Chmaytelli; Editing by Mark Potter)
NEW YORK (April 6): Global benchmark oil prices traded as much as $3 a barrel lower as the market opened for Monday's trading session, reflecting fears of oversupply after Saudi Arabia and Russia postponed to Thursday a meeting about a potential pact to cut production.
CNBC MARKETS Dow soars 1,600 points as growth rate of new coronavirus cases appears to slow PUBLISHED SUN, APR 5 2020 6:04 PM EDT UPDATED MOMENTS AGO Fred Imbert ,Silvia Amaro
Stocks jumped on Monday, rebounding from sharp losses in the previous week, as the number of new coronavirus cases in the U.S. appeared to slow down. The Dow Jones Industrial Average closed 1,627.46 points higher, or more than 7%, at 22,679.99. The S&P 500 gained 7% to close at 2,663.68 while the Nasdaq Composite surged 7.3% to 7,913.24. The major averages rallied to their session highs in the final minutes of the session, with the Dow briefly trading more than 1,700 points higher.
Boeing gained more than 19% to lead the Dow higher. Raytheon Technologies, American Express and Visa rose more than 11% each. The S&P 500 was led higher by the utilities, consumer discretionary and tech sectors, all of which closed more than 7% higher. Retail stocks such as Nordstrom, Kohl's and Macy's also rose sharply.
Investors were encouraged by data that shows a slowing in the number of daily U.S. coronavirus cases, although it is still early to determine a lasting trend. There were about 30,000 new cases on Thursday, 32,100 cases on Friday, 33,260 cases on Saturday, and then a slowing to just 28,200 new cases Sunday, according to the latest data from Johns Hopkins.
The Trump administration also noted on Sunday there are signs of stabilization in hospital rates, helping to lift Wall Street sentiment on Monday. Meanwhile, New York State reported 594 new coronavirus deaths on Sunday, fewer than 630 on Saturday, marking the first daily decline in coronavirus-related deaths. "Incoming data suggests NY state might peak sooner than Cuomo's optimistic case," Tom Lee, head of research at Fundstrat, said in a note to clients. "With better visibility on the healthcare crisis in the US, particularly, on a potential to model a national peak, we believe buyers are now taking control." Slowing death rates in Europe also offered up some hope that the U.S would be nearing its peak soon as well and that social distancing measures are working.
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signalmw
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Posted by signalmw > 2020-04-03 19:27 | Report Abuse
next week crude oil down RON 95 DOWN... HAHA.