Seriously when you have such weakened trading volumes. In oil, a choppy session overnight after a big gap down sunday. The direction now depends on when the Global Economy will be able to open up, and that will be the indicator for all of the economic data, as well as risk appetite. Time for todays market moving news from our new york team. We begin with a historic price deal. Plus coming to an agreement to to cut minutes output. ,inutes after the deal was done the Saudi Oil Minister saying that opec is up and alive. With more is in reordering. What do we with more is annmarie hordern. What do we know now . Annmarie they were able to finally clinch this deal, 9. 7 Million Barrels a day. I would say that the main takeaway, goldman put it as historic, but insufficient, given how bad the demand loss is and how bad the supply glut is. These cuts of 9. 7 Million Barrels a day. We should also say that goldman puts it at 4. 3 Million Barrels a day, when you take from First Quarter levels, ass
And Michael Mccaul from texas if theyre singing from the same hymn sheets. As we are increasing coronavirus cases where are we on possible vaccines . I have answers for you and so much more on making money. Charles all right, so the market is up. Were off the highs of the session, off the lows of the session. There is optimism, however, possibly russia, saudi arabia and Oil Production cuts. It started earlier this morning when President Trump tweeting, just spoke to my friend mbs, of saudi arabia and who spoke to russian president Vladmir Putin and i expect we hope they will be cutting back approximately 10 million barrels, maybe substantially more if we get it will be great for the oil and gas industry. Congress works on phase four of the coronavirus funding package very shortly. Initial jobless claims spiking to 6. 6 million added your again to that. I want to bring in clear stead managing director, jim awad, on the phone, Francis Newton stacy. Jim awad, let me start with you first.
The oil news really make up for that . As you can see, crude is up about 25 or so, but the rest of the market trying to hang in there as well. Every economist was very surprised here that the jobless claims were double what they were last weekend, more so than a lot of economist had been expecting. Indeed, 10 million jobs claims in two weeks, that really gets your attention. What is going on with bonds . I want to take a look at the bond market, i do think we have the board there, david. I dont know, we are going to have to leave it there, sorry. David ok, thats all right. Any sense of exactly what went on between President Trump and mohammad bin salman . The only headlines that we were getting is that he came out with a tweet saying that he expects saudi arabia and russia to cover the option by about 10 million 10 Million Barrels per day or so. Not sure if this is 10 Million Barrels per day or not, if that was barrels per day, that would be 10 of the Global Demand we had seen. For the
Is the Oil Price War between saudi arabia and russia about to end crude prices enjoyed that biggest have a 1. 00 day rally after the us president raised hopes of a truce will donald trump intervention be enough and whats the impact of the rift between the oil superpowers this is inside story. Hello and welcome to the program im Bernard Smith over the past month 2 of the Worlds Biggest Oil producers have been in dispute about how to respond to the coronavirus pandemic demand collapse stuff to add lines grounded the planes factories shut the doors on countries impose travel bans crude prices fell further when saudi arabia and russia couldnt agree on cutting supplies to try and force Prices Higher now u. S. President donald trump is suggesting the feud may soon end saudi arabia has called for an emergency meeting of Oil Producing nations some era challenge reports signs that an oil price will between 2 of the worlds biggest producers may and so with the biggest one day leap on record and
Is the Oil Price War between saudi arabia and russia about to end crude prices enjoyed that biggest ever 1. 00 day rally after the u. S. President raised hopes of the troops will Donald Trumps intervention be enough and whats the impact of the rift between the oil superpowers this is inside story. Hello and welcome to the program im Bernard Smith over the past month 2 of the Worlds Biggest Oil producers have been in dispute about how to respond to the coronavirus pandemic demand collapse stuff to add lines grounded the planes factories shut their doors on countries impose travel bans crude prices fell further when saudi arabia and russia couldnt agree on cutting supplies to try and force Prices Higher now u. S. President donald trump is suggesting the feud may soon end saudi arabia has called for an emergency meeting of Oil Producing nations some era challenge reports. Signs that an Oil Price War between 2 of the worlds biggest producers made and sold the biggest one day leap on record