The war for the oil market share between Russia and Saudi Arabia has forced the U.S. oil producers to severely cut their budgets and production outputs. The U.S. could possibly be a net importer of oil by the Q3 2020.
As there finally appeared some positive news about the coronavirus cases, the global markets started to react. Today in the pre-market, Dow futures have gained 837 points already.
Oil prices are likely to stabilize globally very soon, as Russia and Saudi Arabia are getting very close to finalizing an oil production cut deal. It was confirmed by the CEO of the Russian Direct Investment Fund Kirill Dmitriev.
Tensions flare up between oil giants Russia and Saudi as the OPEC meeting scheduled today has been postponed to Thursday this week. The U.S. President Donald Trump has personally intervened in this matter, however, there doesn’t seem a concrete outcome at this stage.
The article provides an explanation of how the U.S. Federal Reserve devalues dollars by printing them in huge amounts and saves corporations for the money of taxpayers.
U.S. President Donald Trump told CNBC that he had talked to his counterparts in Russia and Saudi Arabia to work out a solution for the crashing oil markets. Saudi Arabia has called for an “urgent” meeting between OPEC and its allies. Oil price went up.
Saudi Arabia has called for an urgent meeting with all the OPEC members and the non-OPEC oil producers to stabilize the global oil prices. After the news, the oil price jumped almost 25%.
U.S. oil prices jumped 10% to clinch above $22 per barrel on Thursday after President Donald Trump said the oil price tag war between Russia and Saudi Arabia may come to its end soon.
The U.S. markets continue to remain volatile amidst the new industrial output report and the jobless report releasing on Thursday. The total COVID-19 infected cases in the U.S. have passed over 200,000 with over 5,000 deaths.
With government institutions enforcing a shutdown due to the COVID-19 outbreak, the demand in the oil market has plunged to a record low. Countries like Saudi Arabia and Russia have ramped up production amidst weakening demand.
The latest commodity trading prices for oil, natural gas, gold, silver, wheat, corn and more on the U.S. commodities & futures market.
