Oil price
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Will the market turbulence of last week continue? Judging by market data this morning, it’s a yes. The original cause for concern in the first full week of January was government borrowing costs, as measured by the effective interest rate on that borrowing, the gilt yield, which reached highs not seen in decades. Both the…
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OPEC and its oil allies, including Russia and Mexico, have agreed to cut global production by 9.7 million barrels a day starting May 1 to boost world prices that have taken a beating as a result of the coronavirus pandemic. Ministers from 23 oil producing nations held a virtual emergency meeting and reached a deal…
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European stocks rallied Friday while Wall Street equities tumbled along with oil prices as markets weighed the potential impact of a spreading viral illness in China. Chinese authorities expanded a massive quarantine effort in response to coronavirus, while the United States confirmed its second case of the SARS-like ailment. French officials said there had also…
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An attack on Saudi Arabia that shut 5% of global crude output triggered the biggest surge in oil prices since 1991, after U.S. officials blamed Iran and President Donald Trump said Washington was “locked and loaded” to retaliate. The Iran-aligned Houthi movement that controls Yemen’s capital claimed responsibility for the attack, which damaged the world’s…
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