(Bloomberg) -- Tesla Inc. asserted late Saturday that restarting its operations in the midst of the coronavirus pandemic didn’t make the company an outlier, nor was it going against the grain.The claim belied the events of the preceding 12 hours. Tesla sued the county that has blocked its car plant from reopening with Elon Musk calling the local health officer -- a former infectious diseases professor with a master’s degree in public health -- “unelected & ignorant.” The chief executive officer threatened to move Tesla’s headquarters out of California, warning that all its manufacturing may leave the state, too.It was a flare-up without precedent in the three months since the first confirmed Covid-19 death in the U.S. -- a resident of Santa Clara County, home to Tesla’s headquarters and neighbor to its factory in Fremont, California. As the nation’s death toll approaches 80,000, Musk has emerged as arguably the loudest voice...
May.10 -- Vice President Mike Pence is self-isolating away from the White House following his press secretary’s diagnosis of Covid-19 on Friday, according to three people familiar with the situation. Yvonne Man reports on "Bloomberg Daybreak: Australia."...
(Bloomberg) -- Oil eased in Asia after two weeks of gains, with escalating production cuts around the world starting to reduce the glut hanging over the market.Futures in New York fell 1.4%, after climbing 25% last week. Qatar Petroleum cut its official selling prices for April crude sales by 51%, the official Qatar News Agency reported, setting both grades at the lowest in more than twenty years. Oil prices have tumbled around 60% this year as Covid-19 lockdowns caused the biggest demand shock in a generation.Economic restrictions are starting to be eased around the world, offering some hope that a demand recovery might be on the horizon as people step into their cars and avoid public transport. U.K. Prime Minister Boris Johnson stressed there would be no immediate end to the lockdown as he detailed the initial steps to kickstarting the economy on Sunday, while New York Governor Andrew Cuomo will...
Oil prices rose on Monday, recovering earlier losses on news that leading exporter Saudi Arabia will reduce its output by 1 million barrels per day (bpd) on top of reductions agreed under an OPEC+ supply pact. To reduce the oversupply the Organization of the Petroleum Exporting Countries (OPEC) and allied producers - a grouping known as OPEC+ - agreed to cut production from May 1 by about 10 million bpd in an effort to support prices. On Monday a Saudi energy ministry official said that the ministry has directed national oil company Saudi Aramco to reduce its crude oil production for June by an extra 1 million bpd....
Oil prices fell on Monday as a new wave of coronavirus infections in some countries and concern over a persistent glut cancelled out support from supply cuts by the world's biggest producers. "Concern over a second wave, the nearly 50% year on year drop in Indian oil demand in April and likely further oil inventory builds this week are likely weighing on oil prices at the start of the week," said UBS analyst Giovanni Staunovo. Indian fuel demand in April was down 45.8% year on year because of a nationwide lockdown....
Oil prices slipped more than 1% on Monday as concern over a persistent glut and economic gloom caused by the coronavirus pandemic cancelled out support from supply cuts at some of the world's top producers. Brent crude futures were down 51 cents, or 1.7%, at $30.46 a barrel by 0624 GMT, while U.S. West Texas Intermediate crude futures fell 49 cents, or 2.0%, to $24.25 a barrel. Oil production worldwide is also declining....
