Analysis: Can oil prices recover from the coronavirus crash? April 20, 2020 Global oil prices plunged again today amid heightened fears that some producers might have to stop pumping due to the rapid filling of the world’s storage facilities. West Texas Intermediate, the US benchmark, is in freefall, dropping 40 per cent today alone, whilst Brent crude fell over seven per cent. The collapse in prices, coupled [...]
US oil prices plummet to 21-year low as demand dries up April 20, 2020 US oil prices have plunged 40 per cent to their lowest level since 1999 as demand dries up and storage facilities struggle to cope with the surplus of oil. The price of a barrel of West Texas Intermediate (WTI) – the benchmark for US oil – dropped to $11.65 today, amid fears production might have [...]
Richard Branson warns Virgin Atlantic needs coronavirus loan to survive April 20, 2020 Virgin Atlantic owner Sir Richard Branson has warned that the beleaguered airline will need government financial support in order to survive the coronavirus crisis. In a blog post to Virgin employees, Branson said: “The reality of this unprecedented crisis is that many airlines around the world need government support and many have already received it. “We will [...]
Analysis: US crude oil price collapses as stocks near capacity April 20, 2020 This morning’s collapse in the price of West Texas crude oil has left investors speculating whether US president Donald Trump might bail out the struggling shale industry, which has been decimated by the coronavirus crisis. The US benchmark crude fell below $15 today, its lowest level in 21 years, amid fears that production would have [...]
New Aston Martin boss focused on restarting production April 20, 2020 Aston Martin’s new chairman Lawrence Stroll has said that his priority is to restart the firm’s manufacturing operations as he takes over the company in the midst of the coronavirus crisis. The Canadian billionaire, who agreed in January to take a 20 per cent stake in the luxury car maker, said he was taking charge [...]
Donald Trump set to lay out ‘guidelines’ for reopening US April 16, 2020 US president Donald Trump is tonight expected to release medically-approved guidelines to reopen parts of the country’s economy, which has been decimated by the coronavirus pandemic. A White House official said that the president would use this evening’s press conference to lay out the “recommendations”, which are “flexible and data-driven”. The official added that the [...]
Oil majors slash spending plans by a quarter as demand collapses April 16, 2020 The world’s biggest oil firms have cut their capital spending programmes by a combined 26 per cent for 2020 due to the collapse in oil prices caused by the coronavirus outbreak. In total, Reuters data shows that the combined sum of the cuts comes to $60.5bn (£48.2bn), as firms seek to conserve cash among an [...]
Coronavirus: New York extends lockdown to mid-May April 16, 2020 New York will extend restrictions on schools and businesses until 15 May as the number of deaths and hospitalizations from coronavirus fell to their lowest levels in over a week. The number of deaths reported today fell to 606, the lowest level in 10 days, while the number of people admitted to hospital fell below [...]
Sterling falls hard against dollar as UK prepares to extend lockdown April 16, 2020 The pound fell sharply against the dollar this afternoon as the UK looked set to extend its lockdown for a further three weeks despite signs that the peak of the coronavirus pandemic was nearing. The prospect of a further extension, which will keep the country under restrictive measures until early May at least, saw sterling [...]
Easyjet CEO says founder’s calls for his sacking are ‘a distraction’ April 16, 2020 Easyjet’s chief executive has said that calls for his removal from the airline’s founder Sir Stelios Haji-Ioannou are “a distraction” and “quite frankly unhelpful”. Speaking to City A.M., Johan Lundgren said that his focus was “completely on managing this business through the worst crisis the aviation industry has ever seen. Lundgren’s comments came after Haji-Ioannou, [...]
