Oil recovered ground on Tuesday after U.S. President Donald Trump and Russian President Vladimir Putin agreed to talks to stabilize energy markets, with benchmarks climbing off 18-year lows hit as the coronavirus outbreak cut fuel demand worldwide. Oil markets have faced a double whammy from the coronavirus outbreak and a price war between Saudi Arabia and Russia after OPEC and other producers failed to agree on deeper cuts to support oil prices in early March. Trump and Putin agreed during a phone call to have their top energy officials discuss stabilizing oil markets, the Kremlin said on Monday....
Oil recovered ground on Tuesday after U.S. President Donald Trump and Russian President Vladimir Putin agreed to talks to stabilize energy markets, with benchmarks climbing off 18-year lows hit as the coronavirus outbreak cut fuel demand worldwide. Oil markets have faced a double whammy from the coronavirus outbreak and a price war between Saudi Arabia and Russia after OPEC and other producers failed to agree on deeper cuts to support oil prices in early March. Trump and Putin agreed during a phone call to have their top energy officials discuss stabilizing oil markets, the Kremlin said on Monday....
Oil recovered some ground on Tuesday as U.S. President Donald Trump and Russian President Vladimir Putin agreed to discuss stabilizing energy markets, but prices remain near 18-year lows as the coronavirus shutdown destroys demand. Oil markets have faced a double whammy from the coronavirus outbreak and a price war between Saudi Arabia and Russia after OPEC and other producers failed to agree on deeper cuts to support oil prices in early March. U.S. President Donald Trump and Russian President Vladimir Putin agreed during a phone call on Monday to have their top energy officials discuss stabilizing oil markets, the Kremlin said on Monday....
(Bloomberg) -- At least there’s this: The average price for a gallon of gasoline in the U.S. has fallen below $2 for the first time in four years.That’s average -- which California is not. As crude oil prices have tanked, depressed by the coronavirus pandemic and the market-share war between Saudi Arabia and Russia, at least a dozen service stations in the Golden State are charging more than $4, according to the tracker GasBuddy. One unnamed location in Santa Clara, near the heart of Silicon Valley, was on Monday demanding the most that GasBuddy’s research found in the state: $4.79.According to AAA, only Hawaii has higher average prices than California, at $3.36 versus $3.06. That compared to the lowest of 95 cents at one outlet in Oklahoma and another in Wisconsin, according to GasBuddy. Meanwhile, in New York, just five stations are asking more than $3 and neighboring Connecticut doesn’t have...
(Bloomberg Opinion) -- The U.S. is finally starting to take a sensible and proactive approach toward the Covid-19 pandemic. After a disastrous initial failure, coronavirus testing has now risen to levels similar to or higher than South Korea. Meanwhile, although he almost succumbed to the temptation to reopen the economy before shutdowns had time to quell the epidemic, President Donald Trump has wisely decided to recommend that social distancing continue through the end of April. And Congress, showing rare unanimity and boldness, passed a huge relief package that will sustain most households and many businesses throughout the next couple of months.But these are all simply holding actions, temporary measures to stop the virus from spreading out of control. Even the harshest lockdown will never eliminate the virus, and if restrictions are lifted without a regime in place to suppress new outbreaks, the epidemic will simply come roaring back. Meanwhile, every day...
