(Bloomberg) -- A global deal to cut oil supply and stem a historic price rout hung in the balance on Sunday as negotiators raced to find an agreement with just hours to go until the market opens.Diplomatic wrangling between Mexico and Saudi Arabia entered a fourth day as neither side was willing to concede, even as the U.S. stepped up the pressure and tried to broker a compromise. In a sign that time is running out, the Kremlin warned of “unmanageable chaos” if negotiations fail.“The whole world needs this deal,” Dmitry Peskov, the official spokesperson of President Vladimir Putin, said in comments broadcast on Sunday.The stakes are high: Prices are already collapsing under the weight of an oil glut that amounts to about a third of the market’s usual size, after the coronavirus pandemic shut down the global economy. That’s threatening the U.S. shale industry, wrecking the budgets of oil-dependent nations...
(Bloomberg) -- Saudi Arabia delayed a key pricing decision for its crude exports yet again as talks to secure an agreement among global producers for an unprecedented joint supply cut entered a fourth day.State producer Saudi Aramco is now set to decide on and announce pricing for its May crude exports on Monday, according to a person with knowledge of the situation. Aramco had planned to issue official selling prices, or OSPs, on April 5. It delayed the release to give producers time to discuss output cuts amid a coronavirus-induced collapse in demand.This is the third time that Aramco has postponed the pricing decision as Saudi Arabia continues talks with Mexico, the last hold-out to an output deal. Global producers reached a tentative agreement on Thursday to curb 10 million barrels a day in an effort to stem a plunge in crude prices.Oil consumption has plummeted as lockdowns worldwide cause economies...
Few investors have been able to time market bottoms, which become evident only in hindsight. Investors who bought the S&P 500 three months before it bottomed during each of the last nine bear markets saw an average gain of 21% a year later. If the current bounce holds, that could mean the biggest gains are already in the rear-view mirror....
Just in time for Easter, the market delivered two consecutive sessions of gains. All three of the major U.S. stock indexes closed in the green on the last two days of the holiday-shortened trading week, rallying on the U.S. government’s additional interventions to mitigate COVID-19's economic impact. While the most recent surge was a welcome piece of good news, it came as somewhat of a surprise as the deadly virus continues to rampage parts of the U.S. and businesses remain shut down indefinitely. As a result, Wall Street pros argue that while we might not be out of the woods just yet, those ready to take on some risk have been presented with exciting opportunities. Specifically pointing to the biotech space, several compelling names are trading at low levels, making it affordable to snap up shares before a particular stock takes off. Seemingly at the drop of a hat, biotech companies can see...
