Oil prices dropping

[Todd komaniak]

So what would any businessman do to stop the Oil Business from crashing say that you are going to destroy any boats in The Straits of Hormuz that are attacking other boats and look how well oil is doing today plus the stock market

[Tortuga]

I'm very interested in how the oil crisis is affecting the Russian economy and what Putin does to save it. 

 

Nothing like a good coalition of nations starting a war to get the economy back on its feet....

 

https://www.marketwatch.com/story/russia-is-the-worlds-biggest-loser-from-oils-crash-and-thats-reason-to-be-worried-2020-04-24

[New World Explorer]

11 hours ago, Bro Richard said:

I'm very interested in how the oil crisis is affecting the Russian economy and what Putin does to save it. 

 

Nothing like a good coalition of nations starting a war to get the economy back on its feet....

 

https://www.marketwatch.com/story/russia-is-the-worlds-biggest-loser-from-oils-crash-and-thats-reason-to-be-worried-2020-04-24

Just to balance the article from market-watch please consider this:

The CBR has just released its figures for Russia’s external debt as of April 1, 2020, which shows the level of debt is down again to $450bn. With reserves at $560.6bn as of the end of March, even after a crisis-related 7% drop in reserves, Russia still has $110bn more cash than it does debt.

https://www.intellinews.com/russia-is-flush-with-cash-but-preparing-for-the-worst-just-in-case-180950/

 

The economy is suffering but it's not dire.

All countries got "economic hit" due to the Covid-19 (including Australia)

[Tortuga]

West Texas Intermediate (WTI) seems to be stabilizing at about 50% of where it was in January. 

 

[Todd komaniak]

Nothing to do with oil prices here but bro Richard why did you change and you're not going to believe this there's a carrier at my office that has that tattooed on his leg

[Tortuga]

2 hours ago, Todd komaniak said:

Nothing to do with oil prices here but bro Richard why did you change and you're not going to believe this there's a carrier at my office that has that tattooed on his leg

Someone posted that picture and I liked it. I thought it looked funny that he is trying to kick my name.

[Lee49]

It's Monte Python's " The Ministry of Silly Walks"

[Tortuga]

Crude oil prices jumped to a two-month high on Monday, reflecting output cuts and investors' betting that looser lockdowns will boost demand for fuel.

West Texas Intermediate crude futures soared as much as 13%, to $33.32 per barrel. Brent crude, the international benchmark, climbed 10%, to $35.72 at intraday highs.

[pnutts]

Gas in our area has gone up quite a bit in past 2 weeks - still lower than pre-covid but much higher by about 30 cents a liter. Oil hadn't completely tanked yet.

[BenJepthah]

An aspect of the sudden collapse of oil prices that may not have been considered. There is a contract toeing the US dollar to the price of a barrel of oil. $60 US is the minimum price for a Barrel of oil on the global market. So, when oil dropped to 0$ US. The value of the US dollar actually increased substantially. It exists on an inverse relationship appearantly. This would cause a narrowing in trade deficits between the US and other countries. But with the US government spending like theirs know tomorrow ( 🤔 maybe they are on to something). 

Edited May 19, 2020 by BenJepthah

[LeslieDean]

On 5/9/2020 at 2:58 PM, Lee49 said:

It's Monte Python's " The Ministry of Silly Walks"

I thought it was a combination of Michael Jackson and the skinny Blues Brother!