President Donald Trump meets U.S. energy company CEOs on Friday after a week of diplomacy to end an oil price war between Russia and Saudi Arabia.
Such grim projections have added urgency to the Trump administration's efforts to end an oil-price war between the two largest oil exporters in the world—Saudi Arabia and Russia.
The flurry of diplomacy had rallied oil markets. During Asian hours on Friday, ICE Brent crude was up, trading around $31.79 a barrel, and WTI crude inched higher at $25.54 a barrel. "I think it is pretty clear that the Russians want to hit U.S. shale," ING's head of commodities strategy, Warren Patterson, told"They have always been reluctant to extend or make deeper cuts, and one of the key reasons for this is the fact that they are giving market share away to the U.S."
"Under normal circumstances, Saudi Arabia's plan to flood the market would trigger a strong demand response as governments and individual consumers take advantage of a sudden fall in prices. But that buffer isn't there when you have much of the world on lockdown due to COVID-19."
France Dernières Nouvelles, France Actualités
Similar News:Vous pouvez également lire des articles d'actualité similaires à celui-ci que nous avons collectés auprès d'autres sources d'information.
President Trump Offers Drowning Restaurant Industry One Solution: Tax DeductionsThe restaurant industry has been scrambling for solutions to save itself during the coronavirus pandemic. President Trump has floated the idea of changing a provision in the 2017 tax law.
Lire la suite »
President Donald Trump Takes Coronavirus Test Again Out of 'Curiosity' and Tests NegativeDuring Thursday’s press briefing at the White House, President Donald Trump announced that he had been re-tested for coronavirus (COVID-19) and tested negative. “I did…
Lire la suite »
Trump campaign sends letter to Sessions demanding he stop invoking TrumpPresident Donald Trump's campaign has sent a letter to Jeff Sessions demanding the former attorney general stop using Trump's name in his campaign materials for his US Senate bid.
Lire la suite »
Trump campaign demands Sessions stop 'misleadingly' tying himself to Trump amid Senate bidPresident Donald Trump's campaign is calling on former Attorney General Jeff Sessions to stop 'misleadingly' tying himself to the president amid his Senate bid.
Lire la suite »
Biden campaign says it will arrange call with Trump about coronavirusA phone call between President Trump and former Vice President Joe Biden is in the works to discuss the coronavirus pandemic. 'Our teams will be in touch and we will arrange a call,' Biden's deputy campaign manager said.
Lire la suite »