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Shares fall, oil loses earlier gains following OPEC deal
Source: Associated Press
Shares fall, oil loses earlier gains following OPEC deal
By YURI KAGEYAMA
April 13, 2020
TOKYO (AP) — Shares were mostly lower Monday in Asia while crude prices lost earlier gains following an agreement by OPEC and other oil producing nations to cut output to reflect the collapse of demand due to the pandemic.
Trading was muted with European trading closed the day after Easter Sunday. U.S. shares were set to drift lower with the future for the Dow industrials slipping 1.4% to 23,277.50. The S&P 500 future fell 1.5% to 2,738.88.
Markets in Hong Kong and Sydney were also closed.
Just hours before markets reopened, OPEC, Russia and other oil producers finalized an unprecedented production cut of nearly 10 million barrels, or a tenth of global supply, seeking to boost crashing prices and end a price war.
-snip-
Analysts said the cuts were not enough to make up for the void in demand due to business and travel shutdowns due to the coronavirus. But the deal at least helped resolve a price war that took U.S. crude to near $20 per barrel, pummeling U.S. oil and gas producers.
-snip-
By YURI KAGEYAMA
April 13, 2020
TOKYO (AP) — Shares were mostly lower Monday in Asia while crude prices lost earlier gains following an agreement by OPEC and other oil producing nations to cut output to reflect the collapse of demand due to the pandemic.
Trading was muted with European trading closed the day after Easter Sunday. U.S. shares were set to drift lower with the future for the Dow industrials slipping 1.4% to 23,277.50. The S&P 500 future fell 1.5% to 2,738.88.
Markets in Hong Kong and Sydney were also closed.
Just hours before markets reopened, OPEC, Russia and other oil producers finalized an unprecedented production cut of nearly 10 million barrels, or a tenth of global supply, seeking to boost crashing prices and end a price war.
-snip-
Analysts said the cuts were not enough to make up for the void in demand due to business and travel shutdowns due to the coronavirus. But the deal at least helped resolve a price war that took U.S. crude to near $20 per barrel, pummeling U.S. oil and gas producers.
-snip-
Read more: https://apnews.com/016c6e3a65a9b7c9a9c26d327f2f0c25