U.S. crude oil jumped over $20 per barrel on Tuesday but still traded below $0 after plunging into negative territory for the first time in history, dragged down by a supply glut and sagging demand for crude due to the coronavirus pandemic.
The U.S. Congress inched toward a $450 billion deal to help small businesses and hospitals hurt by the coronavirus pandemic, with House Speaker Nancy Pelosi saying she expected an agreement on Monday as the Senate set a Tuesday session for a potential vote on it.
U.S. President Donald Trump said on Monday he hoped negotiators in Congress would reach a deal to provide more aid for small businesses hurt by the coronavirus pandemic, with a vote possible in the Senate on Tuesday.
International Business Machines Corp's clients have shifted priorities toward saving capital in recent weeks because of COVID-19, hitting software sales in particular, new Chief Executive Officer Arvind Krishna said as the company withdrew its 2020 annual forecast.
Traders desperate to avoid owning oil fled the markets on Monday, sending crude futures into negative territory for the first time ever, in recognition that the coronavirus pandemic has sapped demand for fuel and there is not enough storage for the massive glut of oil present on U.S. soil.
Virgin Australia Holdings Ltd said on Tuesday it entered voluntary administration to recapitalise the business and emerge in a stronger financial position after being battered by the coronavirus crisis and a high debt load.
U.S. stock index futures fell on Monday as a slump in oil prices pounded energy stocks, with investors also bracing for another batch of dour first-quarter earnings reports and economic data.
Brazil's government is discussing with the country's main airlines further reducing a minimal flight schedule implemented due to the coronavirus crisis as travel demand remains close to zero, three sources told Reuters.
U.S. crude oil jumped more than $20 per barrel on Tuesday but still traded below $0 after plunging into negative territory for the first time in history, dragged down by a supply glut and sagging demand for crude due to the coronavirus pandemic.
The U.S. energy industry has asked the Federal Reserve to change the terms of a $600 billion lending facility so that oil and gas companies can use the funds to repay their ballooning debts, according to a letter seen by Reuters.
The price of a barrel of benchmark U.S. oil plunged below $0 a barrel on Monday for the first time in history, a troubling sign of an unprecedented global energy glut as the coronavirus pandemic halts travel and curbs economic activity.
The U.S. Treasury Department said on Monday it has disbursed $2.9 billion in initial payroll assistance to 54 smaller passenger carrier and two major passenger airlines, while it finalized grant agreements with six major airlines.
Billionaire investor Howard Marks said there is a sharp disconnect between the stock market and the reality the world is facing amid the coronavirus outbreak.
The crisis sparked by the spread of the novel coronavirus is the worst since the Great Depression, IMF Managing Director Kristalina Georgieva said on Monday.
Energy traders bailed out of the expiring May U.S. oil futures contract in a frenzy on Monday, as the contract dropped by more than 70% to less than $5 a barrel and opening the widest gap ever between it and the next contract with storage rapidly filling.