The Federal Reserve revamped its Main Street Lending Program in ways that will allow battered oil companies to qualify for the aid after industry allies lobbied the Trump administration for changes. Larger, more heavily indebted companies can now qualify and use the money to pay off prior loans under the changes the central bank announced.
Even as oil prices are battered down to 18-year lows, one energy fund thinks $100 a barrel is achievable. But first, prices need to fall even further. Westbeck Capital Management’s Energy Opportunity Fund climbed 20.2% in March after declines in the first two months of the year, according to an investor letter. That puts the.
Oil erased gains as the shutdown of swaths of the global economy triggered a meltdown in fuel demand. Futures in London traded little changed after earlier rising as much as 4%, as measures by governments to restrict travel hammered fuel consumption and led to the biggest daily decline in U.S. gasoline prices since 2005. A.
How much worse could it get for oil? Crude prices took their cue from a nosediving stock market to lose up to 16% this week for the biggest weekly tumble since the Great Recession that began in 2008. That’s a known. But pundits looking at the carnage across markets from the coronavirus epidemic are warning.
DUBAI (Reuters) – Saudi Arabia’s economy grew by a weaker-than-expected 0.3% in 2019 as the oil sector contracted sharply, official data showed on Sunday, although the non-oil sector accelerated. Saudi Arabia, the world’s biggest oil exporter, wants to boost the private sector and diversify its economy away from oil, but sliding oil prices and crude.
Oil slips on weaker Chinese demand, traders await OPEC+ cuts Oil prices slipped on Monday on weaker Chinese oil demand in the wake of the coronavirus outbreak and as traders waited to see if Russia would join other producers in seeking further output cuts. Oil has dropped more than 20% from a peak in January.