U.S.-Saudi Oil Accord One Idea Discussed, Energy Secretary Says - Bloomberg:
U.S. Energy Secretary Dan Brouillette said the possibility of a joint U.S.-Saudi oil alliance is one idea under consideration to stabilize prices after the worst crash in a generation.
Monday, 23 March 2020
Oil Finds Firmer Ground on Hopes for U.S.- #Saudi Price Detente - Bloomberg
Oil Finds Firmer Ground on Hopes for U.S.-Saudi Price Detente - Bloomberg:
Crude rose for a second day after the U.S. signaled it was open to the possibility of an alliance with Saudi Arabia to stabilize prices.
Futures in New York gained as much as 4.1%, after advancing 3.2% in Monday’s session. U.S. Energy Secretary Dan Brouillette said that a joint U.S.-Saudi oil alliance is one idea under consideration to steady the market after the worst crash in a generation. The market was also supported by a second wave of initiatives by the Federal Reserve to support a shuttered American economy. However, a rally in other risk assets such as equities was soured by a second failed effort by Congress to agree on a stimulus bill.
Oil has lost 46% in March alone as the coronavirus outbreak brings economies worldwide to a standstill. The severe demand shock has dimmed traders’ outlooks for consumption, with some estimating a collapse of as much as 20 million barrels a day this year. IHS Markit estimates oil demand in the second quarter alone will contract by 14 million barrels per day.
Crude rose for a second day after the U.S. signaled it was open to the possibility of an alliance with Saudi Arabia to stabilize prices.
Futures in New York gained as much as 4.1%, after advancing 3.2% in Monday’s session. U.S. Energy Secretary Dan Brouillette said that a joint U.S.-Saudi oil alliance is one idea under consideration to steady the market after the worst crash in a generation. The market was also supported by a second wave of initiatives by the Federal Reserve to support a shuttered American economy. However, a rally in other risk assets such as equities was soured by a second failed effort by Congress to agree on a stimulus bill.
Oil has lost 46% in March alone as the coronavirus outbreak brings economies worldwide to a standstill. The severe demand shock has dimmed traders’ outlooks for consumption, with some estimating a collapse of as much as 20 million barrels a day this year. IHS Markit estimates oil demand in the second quarter alone will contract by 14 million barrels per day.
#AbuDhabi evictions, car seizures, bank account freezing halted amid Covid-19 impact - Arabianbusiness
Abu Dhabi evictions, car seizures, bank account freezing halted amid Covid-19 impact - Arabianbusiness:
Sheikh Mohamed bin Zayed Al Nahyan, Crown Prince of Abu Dhabi and Deputy Supreme Commander of the UAE Armed Forces, on Monday directed the Abu Dhabi Judicial Department to halt all rental property eviction cases currently underway.
Executive procedures like imprisonment, blocking of bank accounts, seizure of vehicles, stocks and assets have also been halted for a period of two months as the coronavirus continues to impact day-to-day life in the UAE.
The decision exempts cases related to alimony and labour disputes, state news agency WAM reported.
It added that the move is in line with the UAE government's keenness to support members of society and reduce their burdens during the current situation.
Sheikh Mohamed bin Zayed Al Nahyan, Crown Prince of Abu Dhabi and Deputy Supreme Commander of the UAE Armed Forces, on Monday directed the Abu Dhabi Judicial Department to halt all rental property eviction cases currently underway.
Executive procedures like imprisonment, blocking of bank accounts, seizure of vehicles, stocks and assets have also been halted for a period of two months as the coronavirus continues to impact day-to-day life in the UAE.
The decision exempts cases related to alimony and labour disputes, state news agency WAM reported.
It added that the move is in line with the UAE government's keenness to support members of society and reduce their burdens during the current situation.
European, Middle Eastern & African Stocks - Bloomberg #UAE #SaudiArabia #Qatar
European, Middle Eastern & African Stocks - Bloomberg:
Updated stock indexes in Europe, Middle East & Africa. Get an overview of major indexes, current values and stock market data in Europe, UK, Germany, Russia & more.
Updated stock indexes in Europe, Middle East & Africa. Get an overview of major indexes, current values and stock market data in Europe, UK, Germany, Russia & more.
#AbuDhabi’s Etihad says only #UAE citizens or diplomats to board its flights from overseas - tweet - Reuters
Abu Dhabi’s Etihad says only UAE citizens or diplomats to board its flights from overseas - tweet - Reuters:
Abu Dhabi’s Etihad Airways said on Monday that effective immediately only citizens of the United Arab Emirates or diplomats will be able to board its flights from overseas destinations and only if their final destination is Abu Dhabi, the airline said on twitter.
The UAE is suspending all passenger flights for two weeks from Wednesday to contain the spread of the coronavirus.
Abu Dhabi’s Etihad Airways said on Monday that effective immediately only citizens of the United Arab Emirates or diplomats will be able to board its flights from overseas destinations and only if their final destination is Abu Dhabi, the airline said on twitter.
The UAE is suspending all passenger flights for two weeks from Wednesday to contain the spread of the coronavirus.
Despite OPEC+ deal collapse, #Saudi oil exports yet to rise-sources - Reuters
Despite OPEC+ deal collapse, Saudi oil exports yet to rise-sources - Reuters:
Top oil exporter Saudi Arabia has yet to boost crude shipments significantly, two industry sources who track the flows said, suggesting a lack of demand despite a deep slide in prices as major producers battle for market share.
The kingdom plans to ship more than 10 million barrels per day (bpd) from May following the collapse of a supply-cut pact by the Organization of the Petroleum Exporting Countries and other producers led by Russia, known as OPEC+.
So far, exports in March are running significantly below that rate, the sources said, showing little change from February. This could reflect lower demand from customers, such as China following the coronavirus outbreak.
“Saudi March exports are so far in the 7.3 million bpd region, not more,” one of the sources said on condition of anonymity. “Total supply is way below 10 million bpd.”
Top oil exporter Saudi Arabia has yet to boost crude shipments significantly, two industry sources who track the flows said, suggesting a lack of demand despite a deep slide in prices as major producers battle for market share.
The kingdom plans to ship more than 10 million barrels per day (bpd) from May following the collapse of a supply-cut pact by the Organization of the Petroleum Exporting Countries and other producers led by Russia, known as OPEC+.
So far, exports in March are running significantly below that rate, the sources said, showing little change from February. This could reflect lower demand from customers, such as China following the coronavirus outbreak.
“Saudi March exports are so far in the 7.3 million bpd region, not more,” one of the sources said on condition of anonymity. “Total supply is way below 10 million bpd.”
Crude edges higher, U.S. gasoline slumps over 30% on sinking demand - Reuters
Crude edges higher, U.S. gasoline slumps over 30% on sinking demand - Reuters:
Oil prices inched higher on Monday, while U.S. gasoline prices plunged more than 30% to a record low as global restrictions on travel to slow the spread of coronavirus destroyed demand for fuel.
Brent crude LCOc1 futures ended the session up 5 cents at $27.03 a barrel while West Texas Intermediate (WTI) crude CLc1 futures for May delivery rose 73 cents, or 3.2%, to $23.36 a barrel. Both benchmarks traded in negative territory until late in the session.
Gasoline futures RBc1 in the United States, the world’s top consumer of the motor fuel, tumbled 32% to settle at about 41.18 cents a gallon, their lowest on record. That was the biggest daily percentage drop ever, and also sent the profit margin RBc1-CLc1 to produce gasoline into negative territory.
“There’s nobody driving, there’s no business, there’s nobody that needs gasoline, and not only that, it could get a lot worse,” said Bob Yawger, director of energy futures at Mizuho in New York.
Oil prices inched higher on Monday, while U.S. gasoline prices plunged more than 30% to a record low as global restrictions on travel to slow the spread of coronavirus destroyed demand for fuel.
Brent crude LCOc1 futures ended the session up 5 cents at $27.03 a barrel while West Texas Intermediate (WTI) crude CLc1 futures for May delivery rose 73 cents, or 3.2%, to $23.36 a barrel. Both benchmarks traded in negative territory until late in the session.
Gasoline futures RBc1 in the United States, the world’s top consumer of the motor fuel, tumbled 32% to settle at about 41.18 cents a gallon, their lowest on record. That was the biggest daily percentage drop ever, and also sent the profit margin RBc1-CLc1 to produce gasoline into negative territory.
“There’s nobody driving, there’s no business, there’s nobody that needs gasoline, and not only that, it could get a lot worse,” said Bob Yawger, director of energy futures at Mizuho in New York.
MIDEAST STOCKS-Most Gulf stocks decline as region self-isolates against virus - Reuters
MIDEAST STOCKS-Most Gulf stocks decline as region self-isolates against virus - Reuters:
Most bourses in the Gulf extended
losses on Monday, as a rising number of lockdowns in the region
and elsewhere to contain the spread of the coronavirus
intensified fears of a deep global recession.
In Dubai, the index declined 3.8%, pressured by a
5% plunge in Emirates NBD Bank. Dubai Islamic Bank
dropped 3.2%.
The UAE, the region's tourism and business hub, said it
would suspend all passenger flights and airport transit for two
weeks to help rein in the virus.
The decision takes effect in 48 hours, with cargo and
emergency evacuation flights exempted. Airline Emirates
responded by saying it would temporarily suspend all passenger
services for two weeks from March 25.
The country's only listed airline Air Arabia
closed 5% lower, bringing year-to-date losses to over 43%.
The Abu Dhabi index retreated 3.1%, with the
country's largest lender First Abu Dhabi Bank shedding
3.1%.
Most bourses in the Gulf extended
losses on Monday, as a rising number of lockdowns in the region
and elsewhere to contain the spread of the coronavirus
intensified fears of a deep global recession.
In Dubai, the index declined 3.8%, pressured by a
5% plunge in Emirates NBD Bank. Dubai Islamic Bank
dropped 3.2%.
The UAE, the region's tourism and business hub, said it
would suspend all passenger flights and airport transit for two
weeks to help rein in the virus.
The decision takes effect in 48 hours, with cargo and
emergency evacuation flights exempted. Airline Emirates
responded by saying it would temporarily suspend all passenger
services for two weeks from March 25.
The country's only listed airline Air Arabia
closed 5% lower, bringing year-to-date losses to over 43%.
The Abu Dhabi index retreated 3.1%, with the
country's largest lender First Abu Dhabi Bank shedding
3.1%.
Oil Falls to Near 2003 Levels as Demand Plunges, OPEC Hopes Fade - Bloomberg
Oil Falls to Near 2003 Levels as Demand Plunges, OPEC Hopes Fade - Bloomberg:
Oil dropped toward the lowest level since 2003 as demand plunged as governments froze economic activity to combat the coronavirus, and prospects for a OPEC-Texas production deal faded.
Futures in London fell 5.6% to near $25 a barrel as some traders estimate crude demand will collapse by as much as 20 million barrels a day this year. Texas Railroad Commissioner Ryan Sitton on Friday landed a rare invitation to attend OPEC’s June meeting, but hopes for an agreement began to unravel just hours later as his call to curb output was criticized by regulators and drillers.
“We are now looking at a scale of surplus in the second quarter we probably never have seen before,” said Bjarne Schieldrop, chief commodities analyst at SEB.
Policy makers around the world are taking measures to combat the virus. But the process could take additional time in the U.S. as the two political parties work out their differences. Democrats in the U.S. Senate blocked a Republican economic recovery package of nearly $2 trillion, describing it as too focused on corporations at the expense of workers. Equities dropped globally along with American futures.
Brent for May settlement lost $1.50 to $25.48 a barrel on the ICE Futures Europe Exchange as of 11:51 a.m. in London after dropping to as low as $24.68 earlier. That’s less than the benchmark’s $24.88 a barrel close on Wednesday, which was the lowest since May 2003.
WTI for May delivery dropped 43 cents to $22.20 a barrel on the New York Mercantile Exchange after falling to as low as $20.80. The April contract plummeted 29% last week, the most since 1991.
Stock Market Today: Dow, S&P Live Updates for March 22, 2020 - Bloomberg
Stock Market Today: Dow, S&P Live Updates for March 22, 2020 - Bloomberg:
U.S. equity futures reversed a decline and Treasuries extended an advance after the Federal Reserve on Monday announced a massive second wave of initiatives to support the shuttered American economy. The dollar fluctuated and European stocks fell.
S&P 500 and Nasdaq 100 futures had earlier dropped to their daily limits, but they gradually recovered before the Fed news helped them erase all their losses. The central bank said it will buy an unlimited amount of bonds to keep borrowing costs low and set up programs to ensure credit flows to corporations and state and local governments. Bloomberg’s dollar index swung from a loss to a gain and back.
The Stoxx Europe 600 declined as the continent’s leaders scrambled to enforce more curbs on people’s movements and Italy began shutting most industrial production. Core European bonds climbed. Equities fell across most of Asia, where India’s benchmark plunged a record 13% while the rupee sank to the lowest ever amid moves to lock down widespread areas of the country. Brent crude extended losses after its 20% decline last week.
U.S. equity futures reversed a decline and Treasuries extended an advance after the Federal Reserve on Monday announced a massive second wave of initiatives to support the shuttered American economy. The dollar fluctuated and European stocks fell.
S&P 500 and Nasdaq 100 futures had earlier dropped to their daily limits, but they gradually recovered before the Fed news helped them erase all their losses. The central bank said it will buy an unlimited amount of bonds to keep borrowing costs low and set up programs to ensure credit flows to corporations and state and local governments. Bloomberg’s dollar index swung from a loss to a gain and back.
The Stoxx Europe 600 declined as the continent’s leaders scrambled to enforce more curbs on people’s movements and Italy began shutting most industrial production. Core European bonds climbed. Equities fell across most of Asia, where India’s benchmark plunged a record 13% while the rupee sank to the lowest ever amid moves to lock down widespread areas of the country. Brent crude extended losses after its 20% decline last week.
Coronavirus: Emirates Had Challenges Even Before the Outbreak - Bloomberg
Coronavirus: Emirates Had Challenges Even Before the Outbreak - Bloomberg:
Much as Pan Am Corp. was an emblem of the first wave of global aviation, Emirates has dominated the world airline industry for a generation. Its announcement that almost all passenger flights will be suspended from Wednesday marks the death knell of that era.
The Dubai-based carrier is the largest airline by international passenger traffic, with the capacity to move its customers 391 billion seat-kilometers last year. In terms of cross-border traffic, that’s twice the capacity of any U.S. airline and about a seventh more than the three European carriers that are its closest international competitors in terms of scale.
The shutdown of that vast network is a hammer-blow not just for the industry but for people around the world. There’s a reason so many airlines are (like Emirates) state-owned, or have special rights and duties to their home countries written into their constitutions. They aren’t just a leisure service, they’re a piece of vital national and international infrastructure that can provide an airlift service in an emergency. Emirates’ initial announcement of a complete suspension of flights Sunday was subsequently updated to say that some destinations would remain open “having received requests from governments and customers to support the repatriation of travellers.”
Businesses that thrive on bustling cross-border traffic are inevitably going to struggle in current conditions. Cathay Pacific Airways Ltd., another carrier that, like Emirates, has no domestic aviation market, last week announced it was cutting 96% of capacity in April and May, which is as close as you can get to shutting down. Qantas Airways Ltd. is also ending international flights and Emirates’ local rival Etihad Airways PJSC has made drastic cuts to its schedules.
Much as Pan Am Corp. was an emblem of the first wave of global aviation, Emirates has dominated the world airline industry for a generation. Its announcement that almost all passenger flights will be suspended from Wednesday marks the death knell of that era.
The Dubai-based carrier is the largest airline by international passenger traffic, with the capacity to move its customers 391 billion seat-kilometers last year. In terms of cross-border traffic, that’s twice the capacity of any U.S. airline and about a seventh more than the three European carriers that are its closest international competitors in terms of scale.
The shutdown of that vast network is a hammer-blow not just for the industry but for people around the world. There’s a reason so many airlines are (like Emirates) state-owned, or have special rights and duties to their home countries written into their constitutions. They aren’t just a leisure service, they’re a piece of vital national and international infrastructure that can provide an airlift service in an emergency. Emirates’ initial announcement of a complete suspension of flights Sunday was subsequently updated to say that some destinations would remain open “having received requests from governments and customers to support the repatriation of travellers.”
Businesses that thrive on bustling cross-border traffic are inevitably going to struggle in current conditions. Cathay Pacific Airways Ltd., another carrier that, like Emirates, has no domestic aviation market, last week announced it was cutting 96% of capacity in April and May, which is as close as you can get to shutting down. Qantas Airways Ltd. is also ending international flights and Emirates’ local rival Etihad Airways PJSC has made drastic cuts to its schedules.
Ruling on #Lebanon Debt Insurance Paves Way for $400m Payout - Bloomberg
Ruling on Lebanon Debt Insurance Paves Way for $400m Payout - Bloomberg:
Investors in credit insurance on Lebanon are set to receive a payout after a binding ruling from a CDS committee.
Up to roughly $400 million of contracts could pay after the heavily-indebted nation failed to honor a $1.2 billion Eurobond due earlier this month. The exact value will be decided at an auction to settle the credit swaps, which will take place at a later date.
The Middle Eastern country is struggling to cope with dwindling foreign-currency reserves and double-digit inflation amid its worst financial crisis in decades. A new government backed by Hezbollah, the Iranian-linked group, is seeking to draw up an economic program that cuts debt and overhauls the country’s banking industry.
Lebanon wants to reduce its debt to between 60% and 80% of gross domestic product from 170% as part of the restructuring efforts, Economy Minister Raoul Nehme told Bloomberg earlier this month. The nation has $30 billion of international bonds.
Investors in credit insurance on Lebanon are set to receive a payout after a binding ruling from a CDS committee.
Up to roughly $400 million of contracts could pay after the heavily-indebted nation failed to honor a $1.2 billion Eurobond due earlier this month. The exact value will be decided at an auction to settle the credit swaps, which will take place at a later date.
The Middle Eastern country is struggling to cope with dwindling foreign-currency reserves and double-digit inflation amid its worst financial crisis in decades. A new government backed by Hezbollah, the Iranian-linked group, is seeking to draw up an economic program that cuts debt and overhauls the country’s banking industry.
Lebanon wants to reduce its debt to between 60% and 80% of gross domestic product from 170% as part of the restructuring efforts, Economy Minister Raoul Nehme told Bloomberg earlier this month. The nation has $30 billion of international bonds.
#UAE to suspend all passenger flights for two weeks - Arabianbusiness
UAE to suspend all passenger flights for two weeks - Arabianbusiness:
The United Arab Emirates announced on Monday it will temporarily suspend all passenger and transit flights amid the novel coronavirus outbreak.
The Emirati authorities "have decided to suspend all inbound and outbound passenger flights and the transit of airline passengers in the UAE for two weeks as part of the precautionary measures taken to curb the spread of the Covid-19", reported the official state news agency, WAM.
It said the decision - which is subject to review in two weeks - will take effect in 48 hours, adding: "Cargo and emergency evacuation flights would be exempt."
The UAE, whose international airports in Abu Dhabi and Dubai are major hubs, announced on Friday its first two deaths from the Covid-19 disease, having reported more than 150 cases so far.
The United Arab Emirates announced on Monday it will temporarily suspend all passenger and transit flights amid the novel coronavirus outbreak.
The Emirati authorities "have decided to suspend all inbound and outbound passenger flights and the transit of airline passengers in the UAE for two weeks as part of the precautionary measures taken to curb the spread of the Covid-19", reported the official state news agency, WAM.
It said the decision - which is subject to review in two weeks - will take effect in 48 hours, adding: "Cargo and emergency evacuation flights would be exempt."
The UAE, whose international airports in Abu Dhabi and Dubai are major hubs, announced on Friday its first two deaths from the Covid-19 disease, having reported more than 150 cases so far.
From loan repayment holidays to credit card fees: how the new #Dubai bank measures will impact you - Arabianbusiness
From loan repayment holidays to credit card fees: how the new Dubai bank measures will impact you - Arabianbusiness:
The measures to help customers will come into effect from April 1 and run until June 30
The measures to help customers will come into effect from April 1 and run until June 30
- Retail loan customers who have been placed on unpaid leave by their employers can approach the bank for repayment holiday of up to three months with zero interest and fees.
- Customers who have availed personal loans, auto loans or mortgages can apply for a one-month repayment holiday with zero fees.
- All first-time home buyers can benefit from a 5 percent increase in the Loan-to-Value ratio (LTV) and full waiver of processing fees (up to 85 percent for UAE Nationals and up to 80 percent for expatriates).
- A refund of charges on cash withdrawals done using debit cards on all ATMs of other banks across the UAE.
- Credit card customers can benefit from interest-free instalment plans for all school fee payments as well as grocery purchases with no processing fees for up to six months. This is in addition to existing low interest instalment plans already in place.
- Customers who may need to cancel their travel bookings purchased on their credit and debit cards will receive a refund of the foreign currency transaction fees charged by the bank.
- Customers using credit cards for cash withdrawals will be allowed 50 percent reduction in the cash advance charges.
- Credit cardholders will not be charged for balance transfers.
- Debt consolidation solutions can be provided upon request.
European, Middle Eastern & African Stocks - Bloomberg #UAE #SaudiArabia #Qatar
European, Middle Eastern & African Stocks - Bloomberg:
Updated stock indexes in Europe, Middle East & Africa. Get an overview of major indexes, current values and stock market data in Europe, UK, Germany, Russia & more.
Updated stock indexes in Europe, Middle East & Africa. Get an overview of major indexes, current values and stock market data in Europe, UK, Germany, Russia & more.
MIDEAST STOCKS-Gulf stocks slide as virus-related lockdowns deepen recession fears - Reuters
MIDEAST STOCKS-Gulf stocks slide as virus-related lockdowns deepen recession fears - Reuters:
Stock markets in the Middle East dropped on Monday as a rising number of lockdowns in the region and elsewhere worsened fears of a deep, coronavirus-driven global recession.
In Abu Dhabi, the index declined 3.1%. Top lender First Abu Dhabi Bank fell 3.3%, while Emirates Telecommunications was down 4.3%.
The United Arab Emirates suspended all passenger and transit flights to and from the country for two weeks over coronavirus fears - state news agency WAM said on Sunday, citing National Emergency and Crisis and the Civil Aviation Authority.
Other countries have also imposed shutdowns to prevent the spread of the coronavirus, with nearly one in four Americans under orders to close up shop and stay at home on Saturday.
The UAE, the region’s tourism and business hub, approved an additional 16 billion dirhams ($4.36 billion) on Sunday for a total stimulus package of 126 billion dirhams, according to a tweet from its vice president, Sheikh Mohammed bin Rashid al-Maktoum, the ruler of Dubai.
Stock markets in the Middle East dropped on Monday as a rising number of lockdowns in the region and elsewhere worsened fears of a deep, coronavirus-driven global recession.
In Abu Dhabi, the index declined 3.1%. Top lender First Abu Dhabi Bank fell 3.3%, while Emirates Telecommunications was down 4.3%.
The United Arab Emirates suspended all passenger and transit flights to and from the country for two weeks over coronavirus fears - state news agency WAM said on Sunday, citing National Emergency and Crisis and the Civil Aviation Authority.
Other countries have also imposed shutdowns to prevent the spread of the coronavirus, with nearly one in four Americans under orders to close up shop and stay at home on Saturday.
The UAE, the region’s tourism and business hub, approved an additional 16 billion dirhams ($4.36 billion) on Sunday for a total stimulus package of 126 billion dirhams, according to a tweet from its vice president, Sheikh Mohammed bin Rashid al-Maktoum, the ruler of Dubai.
Brent crude extends fall as coronavirus shutdowns sap demand - Reuters
Brent crude extends fall as coronavirus shutdowns sap demand - Reuters:
Brent crude prices extended falls on Monday with demand sliding as travel and industrial activity contracted across the globe in a bid to stem the spread of coronavirus.
Brent crude LCOc1 futures had fallen $1.54, or 5.7%, to $25.44 a barrel by 1004 GMT. West Texas Intermediate (WTI) crude CLc1 futures were down 36 cents, or 1.6%, at $22.27 a barrel, having fallen 2 percentage points more than Brent this year.
The demand destruction caused by the coronavirus pandemic comes as the oil market contends with the unexpected price war that erupted between producers Russia and Saudi Arabia, effectively ending an OPEC+ alliance and flooding the market with barrels.
The six-month spread of Brent futures LCOc1-LCOc7 hit its steepest since 2009 at a discount of more than $9, a contango structure which reflects the current oversupply.
Brent crude prices extended falls on Monday with demand sliding as travel and industrial activity contracted across the globe in a bid to stem the spread of coronavirus.
Brent crude LCOc1 futures had fallen $1.54, or 5.7%, to $25.44 a barrel by 1004 GMT. West Texas Intermediate (WTI) crude CLc1 futures were down 36 cents, or 1.6%, at $22.27 a barrel, having fallen 2 percentage points more than Brent this year.
The demand destruction caused by the coronavirus pandemic comes as the oil market contends with the unexpected price war that erupted between producers Russia and Saudi Arabia, effectively ending an OPEC+ alliance and flooding the market with barrels.
The six-month spread of Brent futures LCOc1-LCOc7 hit its steepest since 2009 at a discount of more than $9, a contango structure which reflects the current oversupply.