Rolling coverage of the latest economic and financial news, as crude oil prices slide amid an ‘exceptionally challenged commodity environment’
- BP profits slide by two-thirds
- CEO: Never seen such a demand and supply shock
- US crude oil has fallen to $11 per barrel
- Coronavirus – latest updates
- See all our coronavirus coverage
Just in: Oil giant BP has warned that it faces an unprecedented challenge, as it reports a slump in profits.
Bernard Looney, BP’s chief executive officer, told shareholders that the COVID-19 pandemic had helped to create an exceptionally challenged commodity environment.
This extraordinary time for the world demands extraordinary responses.
And thankfully we are seeing that just about everywhere we look around the world. Our industry has been hit by supply and demand shocks on a scale never seen before, but that is no excuse to turn inward. BP, like many other companies, is stepping up and extending a helping hand to those in need.
#UPDATE British energy giant BP sees a $4.4-billion net loss in the first quarter as the #coronavirus pandemic crushes demand for oil.
BP reported profit after tax of $2.9 billion in the first-quarter of 2019 pic.twitter.com/xnJCtYd8nZ
Good morning, and welcome to our rolling coverage of the world economy, the financial markets, the eurozone and business.
The oil price is crashing again, as weak demand leaves producers struggling to find anywhere to store crude.
European Opening Calls:#FTSE 5858 +0.18%#DAX 10686 +0.24%#CAC 4508 +0.07%#AEX 513 +0.17%#MIB 17396 +0.09%#IBEX 6752 +0.30%#OMX 1540 +0.04%#STOXX 2886 +0.13%#IGOpeningCall
“The market is very concerned of a repeat of negative pricing as the Cushing storage and delivery hub saturates”
Despite Saudi Arabia going ahead with production cuts before the official May 1st initiation #usoil tumbled 25% on Monday as #USO started offloading June future contracts.
The US Oil Funds decision to dump its entire exposure to the front month WTI Futures contract prompted another sell-off in crude prices, and further concern about global energy demand and supply capacity.
European Opening Calls:#FTSE 5858 +0.18%#DAX 10686 +0.24%#CAC 4508 +0.07%#AEX 513 +0.17%#MIB 17396 +0.09%#IBEX 6752 +0.30%#OMX 1540 +0.04%#STOXX 2886 +0.13%#IGOpeningCall
Continue reading...from The Guardian https://ift.tt/3eYZCO7
