Rolling coverage of the latest economic and financial news, as Covid-19 recession drives US crude oil into negative territoryLatest: Barrel of Brent crude plunges below $20Expert: Space to store oil is running outScotland’s economy could shrink 33% under lockdownEarlier:UK jobless rate rose to 4% before coronavirus struckJobless total up by 58,000 compared with previous quarterInvestors shocked to see US oil fall to -$40 last night 2.47pm BST President Trump has promised to help America’s oil and gas industry ride out the oil price crash:We will never let the great U.S. Oil & Gas Industry down. I have instructed the Secretary of Energy and Secretary of the Treasury to formulate a plan which will make funds available so that these very important companies and jobs will be secured long into the future! 2.45pm BST A popular oil exchange traded fund (ETF) has tumbled 25% at the start of trading in New York.The United States Oil Fund LP is set up to track the daily price movements of WTI crude oil, giving investors exposure to oil price moves without needing a futures account.$USO will hold something like 30% of June futures at the open today because retail traders have poured money into it, thinking it was a long-term bet on oil. It’s turning into one of the great incinerations of retail money of all time. – @FX_Button https://t.co/4sHzesIZ7o9. For context here is how shares outstanding of USO has evolved since 2008. pic.twitter.com/MG4a3IdYbt Continue reading…
Via: Brent crude plunges to 18-year low as oil slump rattles markets – business live
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