Yahoo Finance AU. Oil producers from the Organization of the Petroleum Exporting Countries could still hold a ministerial video conference this week if Iraq and others which have not fully complied with existing oil supply cuts agree to boost their adherence. Why 340,000 Australians won't get their tax refund. Find live stock market quotes and the latest business and finance news. Futures in New York rose as much as 1.2%, after declining 1.7% on Friday. Yahoo Finance is a leading financial destination, providing consumers with a broad range of comprehensive online financial services and information essential for managing their financial lives. (Bloomberg) -- Oil clawed back lost ground in Asia after Saudi Arabia’s state-controlled producer said it expects energy demand to improve.

The price for May delivery of West Texas Intermediate, the US benchmark oil, plunged well into negative territory on Monday, an unprecedented crash prompted by the imminent expiration of this month's futures contract.Yet the price of a barrel of the same grade of oil for June delivery was still positive, albeit at the low value of $20.43 a barrel.The difference demonstrates the nature of a futures markets operating under stress.The price of the May contract plunged to -$37.63 a barrel because, once it expires on Tuesday, buyers either need to take possession of the crude, or move the crude into storage to collect later.But the US oil market is glutted due to an economic downturn in the wake of coronavirus shutdowns, meaning there's little storage to be found.The closely-watched supply tanks in Cushing, Oklahoma have just 21 million barrels of storage free, Rystad Energy estimated Monday.That means speculators who held on to their contracts too long face an unprecedented penalty.
"The most simple explanation for negative oil prices is that midstream players are now paying 'buyers' to take oil volumes away as the physical storage limit will be reached," said Louise Dickson of Rystad Energy. The futures market is currently betting that there will be a recovery in the economy in the months ahead that boosts oil demand and alleviates the supply glut. )For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P. But the spotty recovery in oil consumption is restraining a potential breakthrough, with crude imports into China shrinking in July. Follow Yahoo Finance on Twitter, Facebook, Instagram, Flipboard, LinkedIn, and reddit. "And what does that mean? Yahoo Finanzas es una destacada fuente de información financiera, que proporciona a los consumidores una amplia gama de servicios financieros en línea e información esencial para que las personas gestionen su vida financiera. Oil futures went negative today, bitcoin dipped below $7,000 and tether issuances went to $7 billion in today’s market wrap. Heavy Louisiana Sweet crude climbed 35 cents to $1.70 a barrel over Nymex oil futures on Thursday, the largest premium in almost two weeks.

See the list of commodity futures with price and percentage change for the day, trading volume, open interest and day chart Drillers cut exploration in U.S. oil fields to a 15-year low as billions of barrels from old discoveries became worthless and explorers abandoned growth plans.For the second time in three years, Saudi Arabia is slashing the volume of crude it’s sending to America in an attempt to force down stockpiles in the world’s most visible oil market and thereby hasten the rebalancing of supply and demand, Bloomberg oil strategist Julian Lee said.For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.Investing legend Whitney Tilson says there's a huge new tech trend coming – and he's revealing his #1 pick for free.Libya’s oil blockade looks set to keep the nation’s crude off the market until at least the fourth quarter of 2020, bringing some relief to the oil glutTip: Try a valid symbol or a specific company name for relevant resultsNY Mercantile - NY Mercantile Delayed Price. June futures dipped 0.3% Thursday.


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