- Reaction score
- 63
- Points
- 530
This threatens everyone which I think is short sighted and certainly not good for SA if the western nations collapse. If they can do this then they can charge $50 a barrel after the western nations see the collapse of the old markets. A penny a barrel is crazy. The US government has been buying cheap oil for the national petroleum reserve. They are running out of places to store the oil.
https://www.foxbusiness.com/markets/us-stocks-april-20-2020
U.S. equity markets slid Monday as oil crashed toward its lowest close since recordkeeping began in March 1983.
The Dow Jones Industrial Average fell by as many as 489 points, or 2.02 percent, before paring its losses. The S&P 500 and Nasdaq Composite were down 1.53 percent and 1.01 percent, respectively, at their lows.
Ongoing concerns over swelling oil inventories pushed West Texas Intermediate crude for May delivery down by as much as 99 percent to 1 cent per barrel.
The plunge in crude prices pressured oil majors Exxon Mobil and Chevron, which were the biggest decliners among Dow components.
Elsewhere in the space, oil services provider Halliburton lost $1.02 billion in the first quarter and said it would cut costs by $1 billion as the crash in oil prices has decimated investment. Explorers Continental Resources and EOG Resources were among the other energy names in focus.
https://www.foxbusiness.com/markets/us-stocks-april-20-2020
U.S. equity markets slid Monday as oil crashed toward its lowest close since recordkeeping began in March 1983.
The Dow Jones Industrial Average fell by as many as 489 points, or 2.02 percent, before paring its losses. The S&P 500 and Nasdaq Composite were down 1.53 percent and 1.01 percent, respectively, at their lows.
Ongoing concerns over swelling oil inventories pushed West Texas Intermediate crude for May delivery down by as much as 99 percent to 1 cent per barrel.
The plunge in crude prices pressured oil majors Exxon Mobil and Chevron, which were the biggest decliners among Dow components.
Elsewhere in the space, oil services provider Halliburton lost $1.02 billion in the first quarter and said it would cut costs by $1 billion as the crash in oil prices has decimated investment. Explorers Continental Resources and EOG Resources were among the other energy names in focus.