Oil prices rose on Friday, extending the previous session's gains, as major producers began output cuts to offset a slump in fuel demand triggered by the coronavirus pandemic while data showed U.S. crude inventories grew less than expected. Also supporting prices was data from the U.S. Energy Information Administration data showing crude inventories rose by 9 million barrels last week to 527.6 million barrels, less than the 10.6 million-barrel rise analysts had forecast in a Reuters poll....
Oil prices jumped on Friday, extending the previous session's gains, buoyed by a lower-than-expected gain in U.S. crude inventories and the start of output cuts in a bid to offset a slump in fuel demand triggered by the coronavirus pandemic. Brent crude for July delivery, which started trading on Friday as the new front-month contract, was up $1.10, or 4.2%, at $27.58 a barrel by 0013 GMT. Brent gained 12% on Thursday....
(Bloomberg) -- The Federal Reserve revamped its Main Street Lending Program in ways that will allow battered oil companies to qualify for the aid after industry allies lobbied the Trump administration for changes.Larger, more heavily indebted companies can now qualify and use the money to pay off prior loans under the changes the central bank announced Thursday.The move opens the door to more oil and gas producers, said Senator Kevin Cramer, a Republican from North Dakota, who had pressed the administration on the issue as energy companies struggle to survive an epic collapse in fuel demand and crude prices.“With the decrease in demand and oversupply due to the global oil price war creating a valley for these highly leveraged companies, this expansion will help them bridge the gap as we look to reopen America,” Cramer said in an emailed statement Thursday.Environmentalists blasted the shifts they said rewarded oil companies that took...
(Bloomberg) -- Japanese shares and U.S. futures dropped after sobering comments from Amazon and Apple about the impact of the coronavirus. The dollar pared overnight losses and Treasury yields ticked lower.Australian stocks also slid in limited Asia trading Friday, with much of the region out on holidays. After U.S. markets closed, Amazon.com warned of a possible second-quarter loss, while Apple omitted an earnings forecast for the first time in more than a decade. Earlier, the S&P 500 Index fell from a seven-week high in wake of a larger-than-expected jump in U.S. jobless claims. Strong results from Microsoft Corp., Facebook Inc. and Tesla Inc. had limited losses on the tech-heavy Nasdaq gauges.Despite falling on the final trading day of April, global stocks posted their biggest monthly gains in almost a decade, with the S&P 500 up the most since 1987. Investors continue to weigh a brutal economic picture against hopes for a...
(Bloomberg) -- Boeing Co. sold $25 billion of bonds in the largest offering this year, eliminating the need for more cash as the coronavirus pandemic upends the global aviation industry.The planemaker won’t seek additional funding through the capital markets or U.S. government aid at this time, according to a company statement late Thursday after the debt sale. Executives had indicated on an earnings call Wednesday that Boeing was tapping some of the tax relief available through the CARES Act and exploring several financial vehicles offered by the Federal Reserve as well as Treasury Department loans.The company burned through the most cash ever in the first quarter with travel at a standstill. Boeing was already hurting from the grounding of the 737 Max before the Covid-19 outbreak, but it’s looking to shore up liquidity even further by cutting jobs and production.Boeing has fully drawn on a nearly $14 billion term loan, and...
