Its time to move your news i hear. Its a move no one seen in decades on monday oil prices plunged into the negatives prompting President Trump to make this announcement were looking to put as much as 75000000000 barrels into the reserves themselves that would top it out it would be 1st time in a long time its been good for the rate brace. Now adding that much oil is a major task but where do you store it meantime Oil Prices Continue their downward spiral today for more on all of this lets bring in our fronsac shes been following the story fair and this is the 1st time in history right that that oil has dropped below 0 right now and you know this is really a domino effect all from the coronavirus. Now people have these stay at home orders so people are there driving last no ones flying anywhere so you have all this extra oil not being used and theres only so much oil the world can store and were already bumping up against the limits of Storage Capacity and thats why were continuing to s
Reporter you were good just like her and shes looking for answers thankfully with the help of training expect. Thank you is not life as we know it. Together our new web series. Oils collapse in the u. S. Has Global Markets worried deflation is the big fear as producers rein in production the question on everyones mind when will demands pick back up. Beijing gets back to Business School see how chinese firms are changing to cope with the coronavirus. And pandemic measures claim a victim down under as Virgin Australia Airlines Files for bankruptcy. This is your business report. Stephen theres a in berlin its good to have you with us now the crash in u. S. Oil prices is reverberating around the globe pushing stocks toward losses and driving Commodity Prices down major Oil Producing nations could be hit hardest with lower prices carving chunks out of their budgets theyre now hoping that demand rebounds in the months ahead. Demand for oil has plunged amid the worldwide lockdowns linked to t
Futures indicating gain at start of trading. Take a look. Dow industrials up 38 points on top of rally yesterday fueled by a rise in oil prices. All the major indices higher this morning. Oil prices adding to yesterdays gains as well. Take a look at yesterdays close. Dow industrials up 456 points. Other averages also strong, oil prices this morning 1. 95 at 1573 creeping back higher on oil. Reopening the american economy, lockdown easing in some areas of the country bringing cheers to some and concerns to other including the white house. Most if not all of the economy will open later this summer. Secretary of state mike pompeo meanwhile blasting china and the World Health Organization saying they need to be held accountable for lack of transparency as the focus remains on the lab in wuhan as the origin of virus, something ive been putting a spotlight for months. Meanwhile missouri is filing a lawsuit against the Chinese Government. Attorney general eric schmitt, 7 30 a. M. Eastern on G
Thats something to behold. Its hadding the lowest level since march of 1999. Right now well take a quick look at my board, which is current. I can see it down 4. 13 i say that because ive been practicing waiting 12 seconds to get a quote on something that im trying to give you instantaneously. Now im back on the nasdaq and i can actually see it. The coronavirus pandemic has sapped demand for oil and global storage is rapidly proefing capacity the world is running out of room on ships anchored at sea the may futures contract for wti expires tomorrow looking out to june, the situation isnt quite as dire. Its back to more of what were used to, kind of, at least in the last couple of weeks as you can see there, june delivery under 23 a share meantime, an update now on the pandemic as we bring you the numbers as we do every single morning. Here are the latest numbers. Global cases topping 2. 4 million now with 165,000 deaths. Now, the u. S. Cases nearing 760,000 with more than 40,000 deaths
Within the dow. Take them out of the picture, things wouldnt be as bad as they are now. Were well off the earlier lows, down 400 points, down about 165 points but also fueling this, offsetting this if you will is talk of progress on that stimulus front. You remember where they were looking for republicans, another 250 billion for the Paycheck Protection Program . Well they ran into a buzzsaw of criticism from democrats that argued it was too tilted to business so they wanted to make assurances for health care workers, hospitals, that sort of thing. I stress that they have reached a broad parameters of a deal. It is not a deal until they both mutually agree. Were seeing progress on the front. That mitigated losses in the dow and offset the oil impact. Edward lawrence joins us now from washington with how this is all progressing. Hey, edward. Reporter neil, close, very close. That is how it is being described. As you said no deal, no ink to paper as it were for this deal. Republicans ini