A trader walks by beneath a stock display board at the Dubai Stock Exchange in the United Arab Emirates, on March 8, 2020. Saudi's stock exchange fell 6.5 percent and other Gulf markets tumbled to multi-year lows at the start of trading after OPEC and its allies failed to clinch a deal over oil production cuts.
Brent crude, the international standard, lost $8.77, or 19.3 percent, to $36.50, as of 7:23 pm. Eastern time on Sunday after earlier touching its lowest price since early 2016. Benchmark US crude fell $8.11 to $33.17. Demand is falling as people cut back on travel around the world. The worry is that the new coronavirus will slow economies sharply, meaning even less demand.
The virus usually leaves people with only mild to moderate symptoms, but because it's new, experts can't say for sure how far it will ultimately spread and how much damage it will do, both to health and to the economy.
Source: Digital Coin News (digitalcoinnews.net)
We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:
United States Latest News, United States Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Saudi Arabia slashes April crude oil prices after OPEC’s supply pact collapsedSaudi Arabia slashed its official selling price (OSP) for April for all its crud... Apt that its logo looks a lot like a shitstain on a globe-sized pair of underpants, innit? Free-for-all 👍🏻 Lower gas prices?
Source: Reuters - 🏆 2. / 97 Read more »
Oil plunges 20% as another virus-fueled trading week beginsBREAKING: Brent crude oil prices fall more than 20 percent, to under $36 per barrel. The losses follow a 10 percent drop in U.S. oil prices Friday, amid decreased demand as the global coronavirus outbreak spreads. coronavirus Monday? Either way we’re still going to get screwed at the pump Think gas prices will follow?
Source: AP - 🏆 728. / 51 Read more »
U.S. stock futures, crude oil prices tumble on price-war fearsU.S stock futures and crude oil prices plunged immediately after the start of electronic trading late Sunday, as fears of a global oil-price war combined...
Source: MarketWatch - 🏆 3. / 97 Read more »
Saudi Arabia Stuns World With Massive Discount In Oil Sold To Asia, Europe And U.S.Oil prices are poised to drop dramatically after Saudi Arabia announced a massive discount in oil prices — of $6 to $8 per barrel — to its customers in Asia, the U.S. and Europe. And gas companies here in the US will still charge us out the ass for it. Got it. We need less oil, not more. That would be nice IF we see it at the pump.
Source: NPR - 🏆 96. / 63 Read more »
Oil Likely To Slump Below $30 On Failure Of OPEC+ And Saudi IndignationDramatic collapse of OPEC+ and the end of Saudi-Russian diplomatic camaraderie makes a bad situation worse for oil markets already weighed down by the coronavirus. Oil was 20 a barrel during the 90's Russia and Saudi Arabia must be desperate for hard currency (i.e. dollars) to have resorted to undercutting the price of oil in order to increase their market shares. And this is bad for the US economy? Doesn’t this drop the cost of production and delivery for everyone? (Except refineries, of course!)
Source: Forbes - 🏆 394. / 53 Read more »
20 Stylish Dresses to Wear to a Summer WeddingWe love a good vertical stripe, especially in summery shades of blue.
Source: Yahoo Lifestyle - 🏆 365. / 59 Read more »