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The mounting losses and a flight by investors into the safe haven of bonds have fueled warnings the global economy, which already was showing signs of cooling, might be headed into a recession. Benchmark U.S. crude gained 3.2%, or $1.00 to $32.13 per barrel in electronic trading on the New York Mercantile Exchange. It lost 25% on Monday to $31.13 per barrel.
Stock markets usually welcome lower energy costs for consumers and businesses. But the decline cuts into revenue for producers, including the United States. And the abrupt drop, coming amid virus fears, rattled investors.
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Global stocks steady after plunge on virus, oil crashGlobal stock markets rebounded Tuesday from record-setting declines after U.S. President Donald Trump said he would ask Congress for a tax cut and other measures to ease the pain of the spreading coronavirus outbreak. What stocks exactly are you looking at?
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The oil market meltdown and its global impactA clash of two oil titans - Saudi Arabia and Russia - is sending shock waves through energy markets, with wide-ranging implications for consumers and oil companies, including those in the No. 1 producing country, the United States. Sun and wind not controlled by anyone. Time to move away from oil. This sure reminds me of the SARS scare years ago. It will all blow over within days or weeks. The evil media is out to paranoid the world. Calm cool, collective is not the nature of the mainstream media. The more intelligent news is not what the majority of the people are exposed to.
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