The U.S. economy is going through an unprecedented recession and a recovery will take time. However, Federal Reserve Chairman Jerome Powell is optimistic about it. Dow futures are up after his interview.
With the decline in oil demand due to the Covid-19 crisis, Saudi Arabia has pledged to further cut its production rate. Oil prices surged as a result of this news.
Oil demand has plummeted by about 30% this year. According to Goldman Sachs analysts, it may stay weak in 2021 as well, especially if the second coronavirus wave takes place.
More and more economies are starting to reopen. It is expected that in the long-term, gold prices will benefit from the ongoing situation. Now, the gold price is $1,709.50 per ounce.
In an unprecedented move, Shell has cut down the interim dividend for its shareholders by 66% from $0.47 last year to now at $0.16. The massive crash in oil demand due to COVID-19 has been responsible for this move as per the oil giant.
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The Brent price has now crashed to its lowest point in over 20 years, as the oil market continues to depreciate. Just recently, the WTI futures have fallen below zero for the first time in its history.
The price of Bitcoin has fallen under $7,000 in response to the serious crash of WTI oil futures price.
The Dow Jones lost nearly 600 points at the start of the week. This comes as U.S. lawmakers are set to determine further stimulus measures for the economy. President Trump has also recently announced a temporary suspension in immigration.
In a massive single-day crash, the WTI futures of the U.S. oil market made its historic low going negative up to -$37 per barrel. This happened amidst U.S. oil reserves coming to the maximum capacity due to the demand slump caused by COVID-19.
Oil benchmarks in the U.S. hit a two-decade low on Sunday after the brewing uncertainty of storage for excess oil. The frozen economic activity has plunged the demand for oil worldwide.
The luckiest company today is Gilead Sciences. After its announcement about the successful coronavirus treatment the company has found, its stock started growing. Right now, Gilead Sciences (GILD) stock is trading at $82.115, or 7.28% up.
Bitcoin (BTC) price seems to have stuck below $7,000 while gold is having a field day thanks to a seven-year all-time high. Will gold outperform Bitcoin at this time?
While the Dow Jones futures can’t be said to be in full health at the moment, it jumped 300 points today, possibly keeping faith in the market alive.
Ultimately, the OPEC+ nations have reached an agreement to cut down oil production and stabilize the falling crude prices. The coronavirus pandemic has given a major blow to the oil markets with global consumption falling drastically in the last two months.