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.
if 6.5 sen can sustained few more days n let some contra players take profit, next level likely 8 to 9 sen. Once crude trade above 30, Icon for sure will b above RI price !!!!
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.
OIL further STEAMINGGG ! ( 37 % so far this week ) those who pressed the Panic Button / Premature Ejaculated yesterday now BANG_ING head to the WALL 10 X ! huartt arrrr $....that 's why lately Bursa / KLSE market is steady & solid $$
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 !
A 25 percent spike in oil prices in a single day is enough to make even the most cynical market observers believe a market rebound is upon us. The truth is, the movement you saw was nearly entirely sentiment-driven and has next to nothing to do with oil market fundamentals.
Oil prices shot up on Thursday on the back of a flurry of tweets from Trump and some positive noises coming out of Saudi Arabia about production cuts. But even a brief look at oil market fundamentals should be enough for market observers to understand that the current rally will be brief.
Those that have taken profits on Friday, well done. I have taken profits in quite a number of my collection of Battleships to lower my holding cost except for Dayang and Hibiscus since these two are still under collection mode.
I still believe all 3 parties will eventually comes to an agreements. Right now all these wayang is part of their negotiation strategies. So trade wisely and adapt to these developments.
1. China today plan to buy all the oil for its emergency reserves 2. Saudi Arabia and Russia would ultimately agree on production levels because low prices are “obviously very bad for them 3. Trump could impose ‘very substantial’ tariffs on oil imports, but doesn’t think he’ll need to do so
The gainers included Hibiscus Petroleum Bhd, Sapura Energy Bhd, Serba Dinamik, Icon, Dayang Enterprises Bhd, Bumi Armada Bhd, Velesto Energy Bhd, KNM Group Bhd and Alam Maritim Resources Bhd etc etc...
Basically all the 14 Battleships are up and running..
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.
Our Tapis crude up 10% today, mother look very strong, look like some guys are collecting son also .I got six sense feeling mother n son are gearing up for big rally next week or this week !!
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tkl88
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Posted by tkl88 > 2020-04-03 01:50 | Report Abuse
Walaeh, Oil price up crazily !
As at 1.47am,
Nymex => $24.56 (+4.25) (+20.93%)
Brent => $29.85 (+5.11) (+20.65%)