Oil prices plunged on Monday to their lowest levels in eighteen years, below $20 per barrel, as the coronavirus pandemic continues to cripple global oil demand with no signs of Saudi Arabia backing down on its promised supply surge.
At 11:25 a.m. EDT on Monday, WTI Crude had plunged to the $20 mark—and traded at $20.29, down by 5.67 percent on the day. Brent Crude prices had tumbled below $26—at $25.71, down by 8.01 percent today. Oil prices have lost more than 60 percent so far this year and hit on Monday their lowest level since 2002 as travel restrictions and lockdowns in major economies wipe out millions of barrels of oil per day of global oil demand…CLICK for complete article
Quote of the Week
Famed physicist, Stephen Hawking knows about facing obstacles and refusing to be defeated. A good message for these trying times.
It’s been 24/7 coverage of COVID19 but how does that compare with other pandemics in the past. The answer will shock you.
Is the COVID19 health and economic crisis the time to look for political advantage?
When the COVID-19 crises first hit in late January, Ottawa MPs of all political stripes weren’t satisfied with the federal government’s assurances that Canada had the problem under control.
For the next two months — until major changes were made at last to our border policy in late March — the Liberal, Bloc, NDP and Conservative MPs dug into that border policy, asking numerous probing questions, examining the motives and reasons behind the initial and unyielding federal response in those two months.
Here is a detailed timeline of the questions those MPs asked and the answers they got in the House of Commons and at Parliamentary health committee meetings.
Also included in the timeline — as a contrast to the approach taken by the Canadian federal government — are the actions taken by the government in Taiwan (compiled byDr. Jason Wang et al), a nation that has so far successfully slowed the spread of the virus, despite close travel and economic ties to China, and despite being expected to have the second biggest outbreak of the virus… CLICK for the complete article
As the Central Banks step up with hundreds of billions of dollars to keep interest rates down and the credit markets functioning – what should you do.
On Monday we reported how thousands of young Americans laughed off warnings to self-isolate and partied on Florida beaches anyway for spring break – with several now testing positive for COVID-19.
The poster child for these selfish ‘covidiots’ – who will statistically survive coronavirus – was a spring breaker from Ohio, Bradley Sluder – told CBS News: “If I get corona, I get corona. At the end of the day, I’m not gonna let it stop me from partying,” adding “We’re just out here having a good time. Whatever happens, happens.” CLICK for complete article
With the oil price war between Saudi Arabia and Russia showing no signs of relenting, some analysts are now warning that the standoff could extend much longer. Saudi policy now appears to revolve around inflicting pain on both OPEC and non-OPEC producers over the short term, with a long-term view to returning to its former role as the swing producer and price setter.
With the Arab nation recently claiming that it’s ‘very comfortable’ with $30 oil, it might make good on its threat to maintain a 12 million bpd output clip for a whole year with minimal increase in spending by drawing upon its considerable reserves.
Given this backdrop, some pundits are now beginning to seriously consider the specter of a collapse by the decades-old petrodollar system. With Saudi Arabia–a key U.S. ally upon which the petrodollar was founded–having thrown the gauntlet on the U.S., a collapse by the petrodollar system could mean mass devaluations across major oil-producing regions.
But what are the odds that this could become a reality any time soon? CLICK for complete article