At the beginning of 2020 a barrel of u. S. Crude oil cost around 60. 00 then came the coronavirus pandemic forcing states toward a lockdown and emptying streets closing businesses and shuttering factories across the nation demand dried up and the price fell to 18. 00 on monday things took a catastrophic turn for the 1st time in history u. S. Oil went into negative territory a doomsday scenario for the entire industry President Trump called the drop interesting despite the crash hitting the stock market were filling up our National Petroleum reserves through dziedzic you know the Strategic Reserves and were looking to put as much as 75000000. 00 barrels into the reserves themselves that would top it out that would be 1st time in a long time its been tapped out would get it for the right price capacity though both online and see in the United States is filling up since march stockpiles in some locations have risen by 50 percent in some places the price of fuel is now at a 10 year low dem
Thousand. U. S. Infections rise more than expected. Asia, a second wave is coming. Japans biggest banks are expected to join their global counterparts in bad loan costs. They could see the highest in a decade. Take haidi lets take a look at how we are setting up our final friday session. Positively from wall street after a pretty volatile session. U. S. Stocks faltered early on when President Trump said he was not interested and did not want to speak to xi jinping about the simmering trade tensions. In the beatendown bank stocks as well as energy names gaining on account of this jump we saw in crude prices. We are setting up positivity. Futures, both in australia and hong kong, and also in japan, setting up for a higher open, sophie. Ishie President Trump ratcheting up tensions with china amid the coronavirus and trade war. This is what he said about talks with xi jinping. Pres. Trump i have a very Good Relationship but i just, right now, i do not want to speak to him. There are many t
Fishermen on chinese vessels jakarta pushes beijing for answers. Hello thanks for joining us we begin in the u. S. Where new figures released on friday show unemployment has surged in april the largest rise in close to 90 years tens of millions of jobs have been wiped out across the country coronavirus lockdowns crippled the economy unemployment skyrocketed to 14. 7 percent it was 4. 4 percent in march and april 20 and a half 1000000 jobs were lost the worst result since the Great Depression which began in 1929 it far exceeds the 2008 global recession when 8700000 jobs were wiped out so lets bring in our White House Correspondent kelly how to joining us from there so its a Significant Development where these numbers expected kimberly. They certainly were expected but they are not welcome thats for sure the u. S. President reacting to them in just the last half hour speaking to reporters talking about these numbers and once again time trying to project optimism calling the shutdown that
On futures markets both it more than double digit. In the red so what youre seeing the market reacting to today is basically saying this is not just an issue in may which we saw of course with the monday. Historic drops in. American oil but then youre also now seeing potentially june and july and thats what has so many people worried and that also indicates that this is going to go on for one perhaps even 2 months. The u. S. Economy completely shut down for the most part and getting their economies started again is clearly going to take a long time its not going to happen overnight its not going to happen in one week things such as shipping trucking the Airline Industry all of this for the most part shut down its going to take a while to get it going back again but clearly with the oil with the. Western. Xs intermediate as its called here that benchmark is looking like its bad now next month and even perhaps a month after what is all of the sanction on the Oil Price Market is doing so
And the pandemic could double the number of people going hungry around the world. And finding ways to stay in business how small shopkeepers in iraq is survival in the coronavirus restrictions. Now with the pandemic throwing world all markets into turmoil donald trump says his government will bail out the u. S. Industry the president told his energy and treasury secretaries to formulate a plan to make Funds Available to ensure the survival of american oil and Gas Companies well that follows an unprecedented collapse in u. S. Prices because of a plot in supply the u. S. Futures market dive deep into negative territory for the 1st time ever on monday the lowest the price of the benchmark u. S. W. T. R. Blend sank to minus 37. 00 a barrel the International Benchmark brant crude is trading at around 20. 00 a barrel but thats still its lowest price since september 11th attacks in 2001 we have gay. Real amazon though on wall street tracking the fallout of the us oil crash but 1st our White H