Benchmark U.S. crude fell more than 1% in early trade on Friday, coming off its biggest one-day gain in the previous session after U.S. President Donald Trump said he expected Saudi Arabia and Russia to announce a major oil production cut.
Oil prices fell on Friday, coming off their biggest one-day gains in the previous session, after U.S. President Donald Trump said he had brokered a deal between Saudi Arabia and Russia to cut output, but made no offer to reduce U.S. production.
The U.S. unemployment rate will shoot past 10% in the second quarter and the growth rate of gross domestic product will decline by more than 7% as the coronavirus crisis grips the U.S. economy, according to projections released by the Congressional Budget Office (CBO) on Thursday.
Crude prices posted their biggest-one day gains on record on Thursday after President Donald Trump said he expects Russia and Saudi Arabia to announce a major oil production cut, and Saudi state media said the kingdom was calling an emergency meeting of producers to deal with the market turmoil.
The global oil refining industry is facing a reckoning from falling fuel demand that is the deepest and fastest ever.
Samsung Electronics said on Friday that it has suspended its home appliance factory in the United States after two of its workers had tested positive for coronavirus.
Walt Disney Co said on Thursday it will start furloughs of non-essential U.S. employees across the company on April 19, a response to the global coronavirus outbreak that has shut down or disrupted its media and theme park businesses.
Amazon.com Inc plans to roll out temperature checks and face masks for staff at all its U.S. and European warehouses plus Whole Foods stores by early next week, a huge deployment for workers on the front lines of the coronavirus outbreak.
Airbnb lowered its internal valuation by 16% to $26 billion, as the U.S. home rental firm grapples with a slowdown in bookings due to the global spread of the coronavirus pandemic, a source familiar with the matter told Reuters on Thursday.
As millions of jobs are lost to the coronavirus pandemic, almost half of low-income Americans say they expect to burn through their savings within three months, according to a survey.
Tesla Inc said on Thursday production and deliveries of its Model Y sport utility vehicle was significantly ahead of schedule, as the company delivered the highest number of vehicles in any first quarter to date.
U.S. President Donald Trump slammed 3M Co in a tweet late on Thursday after earlier announcing he was invoking the Defense Production Act to get the company to produce face masks.
While small business advocates are hopeful about the program, questions do remain about the loan volumes expected and the readiness of all parties in getting this up and running tomorrow.
Airbnb lowered its internal valuation by 16% to $26 billion, as the home rental firm deals with a sharp drop in bookings due to the global spread of the coronavirus pandemic, the Financial Times reported on Thursday.
Asian markets on Friday looked to latch onto Wall Street's overnight gains after crude prices notched their biggest one-day surge on record, helping offset concerns about the depth of a global recession.