Barclays slashed its oil price estimates for this year for the second time in two weeks, expecting WTI Crude to average $28 a barrel in 2020 due to the demand shock from the coronavirus and the supply shock from the Saudi-Russian oil price war.
The prognosis for the oil patch just got worse. The price of a barrel of crude oil could more than halve from current levels if the coronavirus pandemic isn’t brought under control. Plus global oil storage facilities could quickly get overwhelmed, analysts say.
The country’s rubber products sector has asked for the moratorium already extended to several other sectors to be extended to it as well, to overcome the challenges faced by the COVID-19 crisis.
Tokyo Commodity Exchange (TOCOM) futures rose on Tuesday, snapping three sessions of losing streak, on bargain-hunting and a sharp recovery in Tokyo stock market, though gains were capped by continued fears over the coronavirus.
New York/Hong Kong (CNN Business)Asian shares and US stock futures are jumping as the market roller coaster caused by the coronavirus pandemic continues.
The Federal Reserve said Monday it will launch a barrage of programs aimed at helping markets function more efficiently amid the coronavirus crisis.