The May contract traded at a discount of $13.66 a barrel to November, a more bearish super-contango than the market saw even in the depths of the 2008-09 global financial crisis. Analysis agency Rystad Vitality estimates world crude oil demand in April will fall nearly 23% year-on-year to 77.6 million bpd. "I feel they're going to make a deal", he instructed reporters on the White Home.
Republican lawmakers in the US have been particularly harsh about China's role in the outbreak. USA and other Western officials have repeatedly expressed scepticism about China's numbers. USA officials have repeatedly accused China of covering up information about its coronavirus cases and of spreading disinformation as the virus continues to spread.
The US president tweeted "I expect & hope" the two countries would agree to cut supply by 10 million barrels "and maybe substantially more". U.S. crude oil inventories increased during the week ending March 27, the U.S. Trump expressed alarm at the impact on the USA energy industry from the twin blows of the economic shutdown caused by the coronavirus and the Russia-Saudi row.
The oil markets have been slammed by demand destruction caused by the coronavirus pandemic and the Saudi Arabia-Russia price war that is flooding markets with extra supply, Reuters said . Market watchers speculated that price war between major oil producers contributed to the drop in crude oil prices . "T$3 he Kingdom intends to increase its crude oil exports, starting from May, by about 600 thousand barrels per day, bringing the total of Saudi petroleum exports to 10.6 million ...
Futures tied to the Dow Jones Industrial Average and S&P 500 ticked down 2.6% early Wednesday. At midday, the Dow Jones Industrial Average jumped 446.76 points, or 2.06 percent, to 22,083.54. "The the news flow that we've gotten has been pretty extreme", said Megan Horneman, the director of portfolio strategy at Verdence Capital Advisors.
Spain enforced even tighter stay-at-home rules on Monday for its 47 million people, as the country overtook China as the nation with the thirdhighest number of reported infections in the world, after the United States and Italy. A government spokesman dismissed calls for the prime minister, Shinzo Abe to declare a state of emergency , as the country recorded almost 2,000 cases and 56 deaths.