Oil still weighs on the New York Stock Exchange

21 avril 2020


The American markets again closed sharply in the red on Tuesday, weighed down by the oil crash of the day before.

Wall Street closed sharply on Tuesday, still weakened by the historic drop in oil prices Monday. The Dow Jones lost 2.67% to 23,018.88 points. The Nasdaq yielded 3.48% to 8,263.23 points. The S&P 500 fell 3.07% to 2,736.56 points. US markets had ended in the red Monday after the unprecedented plunge in the price of a barrel of crude traded in New York, whose contract for delivery in May had ended below zero dollars. This Tuesday, it recovered slightly, returning to the close above zero, at 10.01 dollars.

Oil stocks suffered once again, Occidental losing 1.99%, Exxon Mobil 0.53% and Chevron 2.31%. Since the start of the year, Occidental has collapsed by more than 70%, ExxonMobil has tumbled more than 40% and Chevron has fallen by more than 30%. The black gold market has been in free fall for several weeks as travel restrictions in many countries and the paralysis of many economies due to the coronavirus pandemic have melted consumption across the world.

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