- Oil prices are down 30% for the year as the new coronavirus, COVID-19, slashes global demand forecasts.
- With previously agreed OPEC+ production cuts expiring at the end of March, Saudi Arabia and Russia can theoretically pump as much crude as they want.
- International and U.S. oil benchmarks plummeted to multiyear lows on Friday, with Brent crude closing at $45.27, down more than 9%, and West Texas Intermediate down more than 10%.
Lower oil prices are not great for oil companies and their employees, but lower fuel prices are good for most other people. It's going to be interesting to see how the U.S. economy reacts over the next few months to the effects of the corona virus. Maybe lower fuel prices will "soften the blow" of the virus.
https://www.cdc.gov/coronavirus/2019-nCoV/summary.html
https://www.cdc.gov/coronavirus/2019-nCoV/summary.html
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