Oil prices slid nearly $1 a barrel on Monday as concern over a persistent glut and economic gloom caused by the coronavirus pandemic combined to cancel out support from supply cuts at some of the world's top producers. Brent crude futures were down 73 cents, or 2.4%, at $30.24 a barrel by 0114 GMT, while U.S. West Texas Intermediate crude futures fell 81 cents, or 3.3%, to $23.93 a barrel. Oil production worldwide is also declining....
Oil prices opened about 1% lower on Sunday as a persistent glut continued to weigh on prices and the coronavirus pandemic eroded global oil demand even as some governments began to ease lockdowns. Global oil demand has plummeted by about 30% as the coronavirus pandemic curtailed movement across the world. "Oil companies are dealing with a plethora of challenges due to the sudden decline in demand," Haseeb Ahmed, oil and gas analyst at GlobalData, said in a note....
Stock futures opened lower Sunday evening as Wall Street took a pause after last week’s rally, as a growing number of countries and states planned or began the process of phasing out stay-in-place measures....
(Bloomberg) -- The great oil glut of 2020 may have already peaked in the world’s biggest crude importer.Crude inventories in China have shrunk in recent weeks after rising to record levels, according to analysts and satellite observations. Supplies have been drawn out of storage as refineries ramp up operations to meet rising demand from an economy emerging from lockdown.Inventories drawing in the world’s biggest importer is an early sign that rebalancing may have begun in the global oil market after an epic collapse in demand, according to Morgan Stanley. Stockpiles dwindled even as oil imports in April increased from the previous month, according to Customs data.“The combination of inventories falling and strong imports implies really solid refining activity,” said Geoffrey Craig, an analyst with Ursa Space Systems Inc., which uses synthetic aperture radar to track storage tank fills. “You saw them build aggressively in late February and into the end of...
(Bloomberg) -- The Covid-19 pandemic likely barely dented Tencent Holdings Ltd.’s growth, thanks to its dominance of online spheres from gaming to social media. Now that China’s industries are emerging from the worst of the outbreak, the bigger long-term threat may be the growing posse of challengers to its internet leadership.The WeChat operator is expected to unveil 18% revenue rise when it reports earnings Wednesday, offering investors the earliest glimpse into how China Internet Inc. fared in the coronavirus-stricken first quarter. That’s down a tad from 20%-plus in prior quarters but still decent, thanks to its burgeoning cloud and finance services and a billion-plus entertainment-starved players confined to home. It’s why Tencent’s market value has surged more than $28 billion since Covid-19 first broke out, defying a global market rout and a record Chinese economic contraction.But once the dust settles, Tencent will have to contend with a renewed challenge from giants...
May.10 -- Jenny Zeng, Co-Head of Asia Pacific Fixed Income at AllianceBernstein, discusses her outlook for the Asian bond market and strategy. She speaks with Tom Mackenzie and Yvonne Man on "Bloomberg Markets: Asia."...
