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Home Business News

Bulls hit back to support U.S crude oil amid panic sell-offs in global equity markets

Olumide Adesina by Olumide Adesina
April 21, 2020
in Business News, Markets, Stock Market
Nigeria needs to produce, export more oil and gas to sustain fiscal needs -Economist
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U.S. crude rose on Tuesday morning, but a historic fall in its May contract, which plunged below zero, raised concerns among investors and triggered the deepest fall in Asian stock markets.

Oil traders could not sell the WTI contract for May yesterday, after the scarcity of oil storage facilities turned holders of the oil contracts expiring later today, to compulsory sellers.

US crude was trading at $20.95, up 2.55% as at 8 am Nigerian local time.

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In Asia’s trading sessions, the MSCI’s broadest index outside Japan plunged about 2%, as did the Japanese Index Nikkei 225.

(READ MORE: Banking Stocks stop the raging bulls at the Nigerian Stock Market index down 0.01%)

The panic sell-off also came together with more signs of a slowing recovery amid the COVID-19 outbreak.

Nigeria Crude Oil Prices, Nigeria wants international oil companies to pay up now , Trade conflict between United States, China continues to affect oil prices, Global oil prices rally to $69.16, as Soleimani killed in US air strike, Crude oil prices continue to rise on the backdrop of US-Iran tension, Coronavirus projected to affect crude oil demand negatively , Worry, as Coronavirus threat pushes oil price below budget benchmark, Coronavirus: FG to review budget as oil price plunges, BOOM: Crude oil price crash below $30 in worst trading day since 1930,Bears ravage Global market, Brent Oil surges 10% trading at $27.29 per barrel, Crude Oil up 10% as Brent crude raises to $27 per barrel, Bulls hit back to support US crude oil amid panic sell- offs in global equity markets

READ MORE: Two new gold refineries to begin operation in Nigeria soon

In America, the three major indices suffered heavily, as the Dow Jones 30 index dropped by 2.44%, to close at 23,650.44. The S&P 500 index also lost about 0.8%, to close at 2,823.16.

The Nasdaq 100 index, comprising mainly tech brands like Apple, Facebook, and Google, took a hit too, losing 1.03%, to close at 8,560.73.

READ ALSO: Oil prices drop to 21-year low as demand and storage crises persist

Gold futures climbed up as much as 1%, as the panic sell-off by global investors made gold a safe place to place their bets, but by the time the Asian trading session ended, gold futures dropped by 0.22% at $1,710.50 by 8am local time.

 


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Tags: COVID-19 PandemicCrash in crude oil pricesGlobal Crude Oil Pricesglobal equity marketsLow oil pricesNigerian Business NewsUS crude oil
Olumide Adesina

Olumide Adesina

Olumide Adesina is a financial market writer, analyst and investment trader. Message Olumide on Twitter @Olumidecapital

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