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The coronavirus has claimed yet another oil company and pushed it towards insolvency. Chesapeake Energy, a shale oil pioneer, has filed for bankruptcy protection this week. Chesapeake said the restructuring plan would forgive $7 billion of the company’s debt. The company has been neck-deep in debt. In...
On Friday, Exxon Mobil reported a $610 million loss for the first quarter of the year. It marked the first loss the company has suffered in decades. The losses are likely due to historically low oil prices due to lower demand because of the coronavirus. Exxon had...
On Monday, oil selloffs sent oil prices below negative to -$37.63 a barrel. It marked the first time in history that oil went below zero. It was the nail on the coffin for a struggling industry. As the world finds itself grounded due to...
Tumbling oil prices finally found a reprieve on Thursday after President Trump announced that OPEC and Russia had agreed to end an ongoing price war. West Texas Intermediate (WTI) futures increased 24.67 percent and settled at $25.32 a barrel, representing its biggest single-day gain in history. WTI...
On Monday, oil fell to an 18-year low as the coronavirus spread across the globe and slowed transportation and reduced demand on the commodity. Meanwhile, OPEC+ nations, including Saudi Arabia, planned to ramp crude production. Most of the world has initiated lockdowns until the...
Grocery stores have been overrun day after day since the coronavirus pandemic began. While consumers have been flocking in record numbers to shop for staples, demand by restaurants and others in the foodservice industry has been down. Add to the mix concerns over labor shortages on U.S....
Saudi Aramco shares traded beneath its original IPO pricing for the first time on Sunday. The Saudi state’s oil conglomerate was down 6.36 percent and was trading at $8.24, or 30.90 riyals. During its IPO in December, Saudi Aramco’s listing price was 32 riyals.
Gold topped $1,600 on Tuesday, the highest level seen since 2013. Investor worries about the coronavirus weighed in as the epidemic has placed pressure on the stock market and investors are seeking safe havens. Carsten Fritsch, a Commerzbank analyst, said: “Gold is finding buoyancy...
Thanks to higher trading on Thursday, Saudi Aramco became the world’s first company to have a valuation of $2 trillion. For the second day in a row, stocks were 10 percent higher for the Saudi Arabian oil company, before finally losing some of its gains. 
Oil prices dropped on Friday ahead of an OPEC meeting, which some analysts predict will see an extension of output cuts until the middle of next near. U.S. crude fell more than 4 percent amid new trade tensions and a record-high crude production in the U.S. Nonetheless,...