Oil stocks hammered after Saudi Arabia triggers price crash

Markets are in turmoil after the collapse of an alliance between Saudi Arabia and Russia, two of the world's top oil producers, triggered the worst one-day crash in oil prices in nearly 30 years — fanning new fears about a global economy already reeling from the coronavirus pandemic.What's happening: Saudi Arabia slashed oil prices after Russia refused to go along with OPEC's proposal to impose deeper cuts to production in the face of slumping demand.

Oil crash sends energy stocks plungingThe dramatic crash in oil prices has sent energy stocks nosediving, battering a sector that had already been hit hard by shrinking demand due to the coronavirus outbreak and by cooling investor sentiment because of the climate crisis.Shares of BP are down nearly 18% in early trading in Europe, while Royal Dutch Shell has lost 14%. ExxonMobil's stock is down more than 11% in premarket trading, while Chevron is down nearly 12%.

ChristineRomans CNN basking in the .0004% of the entire world's population being infected as they continue to spread panic in order to crash world economies in order to try and get Trump out of office. So can we finally close the borders CNN?

ChristineRomans -

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Oil Prices, Stocks Plunge After Saudi Arabia Stuns World With Massive DiscountsSaudi Arabia has announced a stunning discount in oil prices — of $6 to $8 per barrel — to its customers in Asia, the U.S. and Europe. Paired with its ability to rapidly increase production, those price cuts will push the price of oil down for everyone. This sucks Wow. The price of energy is plummeting. I guess that means lower prices for American consumers. Oh, who am I kidding? The corrupt economic system has almost nothing to do with supply and demand or 'the markets.' discount from $6 to $8?...discount?
Source: NPR - 🏆 96. / 63 Read more »

Saudi Arabia cuts off travel over virus as markets tumbleThe drop came as global oil prices suffered their worst losses since the start of the 1991 Gulf War. Just the flu Oil gods loosing money?! NO FAIR
Source: ABC - 🏆 471. / 51 Read more »