Oil prices jumped more than $1 a barrel on Monday after major producers finally agreed their biggest-ever output cut, but gains were capped amid concern that it won't be enough to head off oversupply with the coronavirus pandemic hammering demand.
The agreement by the Organization of the Petroleum Exporting Countries (OPEC) and its allies to cut output failed to reach the reduction levels expected by the market, leading to oil prices remaining stagnant, the head of the Japanese petroleum industry said.
Goldman Sachs said on Sunday that the deal between major oil producers to cut output by nearly 10 million barrels per day is 'historic yet insufficient,' adding that no deal would be enough to offset the sharp drop in demand already occurring.
Big bank stocks in India are falling like nine pins. Some investors believe that the gloominess might be overdone.
Global equities weakened on Monday as investors braced for more indications of economic damage from the coronavirus pandemic while oil prices rose in choppy trade following a landmark deal by OPEC and its allies to cut output.
Oil prices rose on Monday after major producers finally agreed their biggest-ever output cut, but gains were capped amid concern that it won't be enough to head off oversupply with the coronavirus pandemic hammering demand.
Major meat companies in the United States and Canada have closed plants temporarily due to cases of the new coronavirus and concerns about its spread.
Oil prices turned negative on Monday, erasing gains made after major producers agreed record global output cuts, pressured by concerns that the cuts will not be sufficient to head off oversupply as the coronavirus pandemic hammers demand.
AutoNation Inc , the largest U.S. auto dealership chain, said on Monday Chief Executive Officer Cheryl Miller has been granted a leave of absence for health reasons.
Benchmark Brent oil prices turned negative on Monday, erasing gains made after major producers agreed record global output cuts, pressured by concerns that the cuts will not be sufficient to reduce a glut as the coronavirus pandemic hammers demand.
Softbank Group Corp said on Monday it expects its $100 billion Vision Fund to book a loss of 1.8 trillion yen ($16.5 billion) in the financial year ended March due to the deteriorating performance of its tech bets.
Dubai's Emirates said on Monday it planned to operate limited passenger services to Algiers, Tunis, Jakarta, Manila, Taipei, Kabul and Chicago.
Russia's average oil production was down to 11.24 million barrels per day (bpd) on April 1-12, an oil industry source told Reuters on Monday.
U.S. stock index futures declined more than 1% on Monday after a strong rally last week, with investors bracing for the earnings season for further evidence of the coronavirus-led damage to Corporate America.
The Kremlin said on Monday that the global oil output deal clinched by OPEC and non-OPEC countries had helped stop oil markets sliding into chaos and would help support a more or less stable oil price dynamic.