The main problem / reason for global stock market collapse is oil
US crude oil futures collapsed to trade in negative territory for the first time in history on Monday, as desperate traders paid to get rid of barrels amid a dearth of storage space.
Oil prices have crashed as demand has shrunk due to lockdowns and economic slowdowns during the coronavirus pandemic. The Organisation of the Petroleum Exporting Countries and its allies, including Russia, recently announced sweeping cuts in production, amounting to almost 10 percent of global supplies. Demand has dropped as much as 30 percent.
US oil and gas companies from Texas to Wyoming have struggled to stave off bankruptcy amid worldwide stay-at-home orders and business stoppages spurred by the coronavirus outbreak that have obliterated global demand for fuel.
Oil prices have crashed as demand has shrunk due to lockdowns and economic slowdowns during the coronavirus pandemic. The Organisation of the Petroleum Exporting Countries and its allies, including Russia, recently announced sweeping cuts in production, amounting to almost 10 percent of global supplies. Demand has dropped as much as 30 percent.
US oil and gas companies from Texas to Wyoming have struggled to stave off bankruptcy amid worldwide stay-at-home orders and business stoppages spurred by the coronavirus outbreak that have obliterated global demand for fuel.
US President Donald Trump said on Tuesday he has asked his cabinet to devise a plan to inject cash into the ailing US oil-drilling industry to help it survive a historic collapse in crude prices
"We will never let the great US Oil & Gas Industry down. I have instructed the Secretary of Energy and Secretary of the Treasury to formulate a plan which will make funds available so that these very important companies and jobs will be secured long into the future!" Trump said on Twitter.
Based on TRUMP decision, CRUDE OIL recovered
and also Senate passes new $484 billion relief bill which gains positive information
Following global market recovered sharply
Following global, NIFTY also recovered today
and also Senate passes new $484 billion relief bill which gains positive information
Following global market recovered sharply
Following global, NIFTY also recovered today