Continental Resources Inc , the company controlled by billionaire Harold Hamm, stopped all drilling and shut in most of its wells in the state's Bakken shale field, three people familiar with production in the state said on Thursday. Global oil prices have plunged because of excess supplies and tumbling demand due to the coronavirus crisis. U.S. crude prices plunged into negative territory this week - meaning suppliers had to pay people to take oil - due to lack of storage space, prompting moves by operators to halt output....
(Bloomberg) -- The U.S. House of Representatives overwhelmingly passed a $484 billion coronavirus aid package, replenishing funding to aid small businesses and provide support for hospitals and virus testing.The number of cases and deaths in Germany rose by the most in nearly a week, while U.S. infections increased at the slowest pace in three weeks. Prime Minister Boris Johnson plans to return to Downing Street as early as Monday, the Telegraph reported. U.K. retail sales fell the most since records began, though consumers stocking up on frozen food and medicine provided a short-term boost for Nestle SA and Sanofi SA. Gilead Sciences Inc. shares sank after a summary of a Chinese trial of its closely watched virus treatment appeared to show that it was a failure.Key DevelopmentsVirus Tracker: Cases top 2.7 million; deaths exceed 190,000U.S. House passes $484 billion virus aid billMnuchin asks for equity stakes in exchange for $17 billion...
The tests, which were also conducted by Virginia Center for Innovative Technology (CIT) and DroneUp, evaluated the commercial drone industry’s ability to assist the U.S. healthcare system during the coronavirus crisis. ...
(Bloomberg) -- European equity futures sank, while Asian stocks slipped along with U.S. contracts, as investors weighed signs of progress in the fight against the coronavirus versus mounting data showing the severity of the impact on economies.Euro Stoxx 50 futures were about 2% lower. Equities fell from Tokyo to Shanghai, though Asian volumes remained subdued. Futures on the S&P 500 retreated after the index erased a 1.6% gain Thursday to end little changed. Global stocks have snapped two weeks of gains this week as optimism about slowing infection rates in some locations faded in face of poor economic data. Treasuries added to recent gains, while oil prices continued to mend after their early-week collapse.“There is a long list of pretty jaw-dropping data, just in the last 24 hours,” Nerida Cole, managing director at Dixon Advisory, said on Bloomberg TV. “Market pricing is certainly on the optimistic side -- that it will...
French drugmaker Sanofi confirmed its 2020 outlook on Friday after posting stronger first-quarter results led by its specialty care unit and demand for its medicines to treat pain and fever in the light of the new coronavirus outbreak. Sanofi said around half of growth in sales and profits was attributable to the coronavirus pandemic adding it expected this effect to fade in the second quarter....
Oil prices jumped again on Friday, gaining more ground as producers like Kuwait said they would move to cut output and as the United States approved another package to cope with the economic disruption caused by the coronavirus outbreak. Brent crude was up $1.07, or 5%, at $22.40 by 0432 GMT, after having climbed 5% on Thursday. U.S. oil gained $1.12, or nearly 7%, at $17.62 a barrel, having surged 20% in the previous session....
