The world's biggest oil and gas companies are cutting spending this year following a collapse in oil prices driven by a slump in demand because of the coronavirus crisis and a price war between top exporters Saudi Arabia and Russia.
China has increased U.S. crude purchases with some buyers snapping up cargoes at the widest discounts ever as sellers seek to offload excess supplies in Asia, six trade sources said on Wednesday.
World markets fell on Wednesday as the coronavirus threat ensured an ugly start to the second quarter for equities and commodities.
Oil slid to $25 a barrel on Wednesday, within sight of its lowest in 18 years, as a report showing a big rise in U.S. inventories and a widening rift within OPEC heightened oversupply concerns.
Glencore's chrome joint venture in South Africa with Merafe Resources has declared force majeure on qualifying contracts after a nationwide lockdown forced operations to shut, a Merafe executive said.
U.S. private payrolls dropped in March for the first time in 2-1/2 years, likely as businesses shut down in compliance with strict measures by authorities to contain the coronavirus pandemic, supporting economists' views that the longest employment boom in history probably ended last month.
Asian shares were closing out a calamitous quarter with a tentative rally on Tuesday as factory data from China held out the hope of a rebound in activity, even as much of the rest of the world shut down.
Airlines must suggest possible compensation in return for government cash assistance and agree to conditions that include not cutting pay or laying off employees through Sept. 30, the U.S. Treasury Department said in guidelines issued on Monday as it prepares to quickly hand out $25 billion.
Amazon.com Inc is at the front line of responding to outbreaks of the novel coronavirus in the United States, delivering essential goods while more than half the population faces government stay-at-home orders.
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.
Factory activity in China unexpectedly expanded in March from a collapse the month before, but analysts caution that a durable near-term recovery is far from assured as the global coronavirus crisis knocks foreign demand and threatens a steep economic slump.
WPP , the world's biggest advertising company, said it was pulling its dividend and share buyback, and withdrawing its guidance for 2020 after it saw an increasing number of cancelations from clients due to the coronavirus crisis.
Global mergers and acquisitions activity plunged 28% in the first quarter to its lowest level since 2016 as the devastating economic effects of the coronavirus pandemic took hold in March, compounding a slow start to the year for dealmakers.
The dollar rose against the yen on Tuesday as Japanese investors and companies rushed to cover a greenback shortage before their fiscal year end, but sentiment remained fragile as the global coronavirus crisis worsened.
World stocks looked set to close their worst quarter since 2008 on a brighter note on Tuesday, as strong Chinese factory data held out hope for an economic revival even as much of the rest of the world shut down to fight the coronavirus.