Saudi Arabia, Russia and allied oil producers will agree to deep cuts to their crude output at talks this week only if the United States and several others join in with curbs to help prop up prices that have been hammered by the coronavirus crisis. Global oil demand has dropped by as much as 30%, or about 30 million barrels per day (bpd), as measures to reduce the virus' spread have caused demand for jet fuel, gasoline and diesel to crash. While Saudi Arabia, Russia and other members of the group known as OPEC+ have expressed willingness to return to the bargaining table, they have made their response conditional upon actions by the United States and other countries that are not members of OPEC....
In the United States, chipmakers are considered essential businesses and allowed to operate. Chip firms hope Singapore, where officials explicitly named semiconductors as an essential business, will cause fewer disruptions....
Oil bounced back on Wednesday, with U.S. crude jumping over $1, lifted by hopes that a meeting between OPEC members and allied producers on Thursday will trigger output cuts to shore up prices that have crumbled amid the coronavirus pandemic. Brent crude was up by 75 cents, or 2.4%, at $32.62 per barrel by 0246 GMT after falling 3.6% on Tuesday. U.S. West Texas Intermediate (WTI) crude rose $1.30, or 5.5%, to $24.93 a barrel after dropping 9.4% in the previous session....
Oil climbed on Wednesday, reversing most of the prior session's losses, as investors pinned hopes on a Thursday meeting where OPEC members and allied producers will discuss output cuts to shore up prices that have tumbled amid the coronavirus pandemic. U.S. West Texas Intermediate (WTI) crude rose $1.30, or 5.5%, to $24.93 a barrel after dropping 9.4% in the previous session. Thursday's meeting between members of the Organization of Petroleum Exporting Countries (OPEC) and its allies, including Russia, is widely expected to be more successful than their gathering in early March....
Republican U.S. senators who have introduced a bill that would remove U.S. defense systems and troops in Saudi Arabia unless it cuts oil output will hold a call with the kingdom's officials on Saturday, a source familiar with the planning said on Tuesday. Senators Kevin Cramer and Dan Sullivan will hold a call with the officials two days after a scheduled OPEC+ meeting in which Saudi Arabia and Russia are expected to agree an output cut. The two countries have been pumping oil flat out beginning last month in a race for market share....
Bear markets are usually bad news for growth stocks. As sentiment in the market changes, these hotshots often tend to crash harder. Roku (ROKU) is a good case in point. Following a massive run up in 2019, the stock shed 34% of its share price year-to-date. In mid-March, the stock was down as much as 55%, so if you sold there, you sold at the bottom.The severe drop is a tad surprising, as during these stay-at-home times, Roku should be one of the few names to reap the rewards of extra engagement on its platform. However, most companies have suffered from the impact of COVID-19, and Roku hasn’t been spared.The beating is acknowledged at investment firm Oppenheimer, where analyst Jason Helfstein has made some adjustments to his Roku model. The Outperform rating remains, but along with revised estimates, Helfstein lowered his price target from $165 to $110. Yet, investors can expect...
