Brent crude surges 10% on hopes of oil output deal
Crude futures surged for a second day on Friday, with benchmark Brent up 10% on hopes that a global deal to cut crude supply worldwide will emerge early next week.
White House’s Kudlow says banks are ‘ready to go’ in giving small business loans
Top White House economic advisor Larry Kudlow said on Friday that there would be big demand for a small-business loan program but that the banks were prepared for it despite concerns that they would be overwhelmed by the need created by an economic shu…
U.S. small banks have processed more than 700 small business relief loans for $2.5 million: Mnuchin
U.S. Treasury Secretary Steven Mnuchin said on Friday that community banks have processed hundreds of small-business loans aimed at shoring up the economy during the global coronavirus pandemic, and sounded a positive note about a new program that lend…
Exclusive: Airline crisis forces Airbus to consider A320 output cuts
Airbus is studying a sharp cut in output of its top-selling A320 plane series amid an industry-wide slowdown triggered by the coronavirus crisis, sources familiar with the matter said.
U.S. services sector growth slows; employment drops: ISM
U.S. services sector activity slowed to a more than 3-1/2-year low in March, with industries reporting a moderation in new orders and decline in employment amid the coronavirus pandemic, which has brought the country to sudden stop.
Deep OPEC+ cuts won’t be enough to prevent oil inventory build: IEA head
Deep oil output cuts by OPEC and other producing nations would not be enough to prevent a huge build in global crude inventories in the second quarter as measures to contain the coronavirus lead to “unprecedented” demand loss, the head of the Internati…
OPEC+ debates biggest-ever oil cut as virus destroys demand
OPEC and its allies are working on a deal for an unprecedented oil production cut equivalent to around 10% of global supply, an OPEC source said after the U.S. president called on producers to stop the market rout caused by the coronavirus pandemic.
Venezuela’s financial crisis exacerbated by oil price war, coronavirus
A price war between world oil producers has slashed Venezuela’s revenue for its top export and exacerbated the country’s financial crisis as it also faces the coronavirus pandemic, U.S. sanctions and sliding crude output.
Global stocks edge lower on economic toll from virus; oil rallies
Global stock markets sank Friday following more signs that the COVID-19 pandemic would take a massive toll on economic growth, while oil prices continued to rally on hopes of a cut to global supply.
Brent crude rises above $33 on hopes of oil output deal
Benchmark Brent crude oil futures climbed to as high as $34.91 a barrel on Friday on rising hopes of a new global deal to cut global crude supply.
