Exxon Mobil is preparing deep spending and job cuts.
Stocks managed gains on the month (4th month in a row) – Nasdaq best, Dow worst…
Chevron warned that the pain would continue to be felt.
Oil is set to end July with a gain in New York ahead of OPEC+ plans to return supply to the market after the group’s historic output cuts, while the coronavirus pandemic continued to spread across many major economies.
Saudi Arabia’s 84-year-old ruler King Salman left hospital on Thursday, authorities said, after a 10-day stay where he underwent surgery to remove his gall bladder.
The coronavirus crisis may have triggered the long-anticipated tipping point in oil demand and it is focusing minds in OPEC.
Reliance Industries Ltd’s June-quarter profit rose as the Indian conglomerate booked a one-time gain from a BP investment, although revenue tumbled as the coronavirus crisis slammed its refining and petrochemicals businesses.
Oil futures plummeted on Thursday amid revived fears of a long-term demand shock.
Oil giant Shell took a loss in the second quarter of the year after being forced to write down the value of the oil in its fields last month.