U.S. Oil market is struggling and stock market keeps dumping

By May 11, 2020News
US-Oil-Market

One market who is really hurting from what is happening is the U.S. base oil future company WTI. For the first time in its history, the company experienced a shocking downfall after plunging below zero this Tuesday morning.

–        West Texas Intermediate (WTI) crude fall below zero to negative $4.00 on Tuesday morning. The very first to note in the companies profile.

–        Brent crude on the side is managing its pace dropping by -18.50% to $20.84 per barrel.

Possible decline on oil market may occur for the next few months if the pandemic will not be solve. As demand for it lessens by the day because most people are required to stay at home, worries as to how to store crude is rising due to oversupply.

Major stocks on the U.S. market slid for two straight days this week.

–        Dow Jones Industrial futures fell 561 points, or 2.39%

–        S&P 500 futures slid to 51 points to 1.82%

–        Nasdaq Composite futures dropped by 88.25 points to 1.02%

Gold experience a short dipped today falling by 1.2% to $1,675.63 per ounce. Currencies are still fluctuating; Euro declined a bit by 0.3% to $1.0827 but Japanese Yen advance by 0.1% to 1074.47 per dollar. U.S. Dollar Index (DXY) rose by 0.34% to 100.30 per dollar.

Yields in Treasuries dropped shortly today. The yield on 10-year U.S. Treasuries dropped four basis points to 0.57%.

Stocks on global market also recorded big declines late Tuesday. Few of them are listed below;

–        The FTSE 100 (UKX (https://money.cnn.com/data/world_markets/ftse100/?source=)) is trading 1.4% lower in London

–        Germany’s DAX (DAX (https://money.cnn.com/data/world_markets/dax/?source=stor…)) and France’s CAC 40 (CAC40 (https://money.cnn.com/data/world_markets/cac40/?source=story_quote_link)) are both down 1.8%

–        Hong Kong’s Hang Seng (HSI (https://money.cnn.com/data/world_markets/hang_seng/?source=story_quote_link)) tumbled 2.2%, while Japan’s Nikkei 225 (N225 (https://money.cnn.com/data/world_markets/nikkei225/?source=story_quote_link)) fell nearly 2%

–        China’s Shanghai Composite (SHCOMP (https://money.cnn.com/data/world_markets/se_composite/?source=story_quote_link)) lost 0.9%

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