Is The Price Of Oil About To Collapse?

Bloomberg: Oil Posts Worst Weekly Loss Since April 2020 Amid Bank Chaos

Oil posted the worst weekly loss since the early months of the coronavirus pandemic as banking turmoil poisoned investor sentiment.

West Texas Intermediate lost nearly 13% this week, the largest drop in almost three years. The failure of Silicon Valley Bank and troubles at Credit Suisse Group AG drove investors from risk assets, with oil-options covering accelerating the selloff.

“Crude action this week reminded many of how quickly the commodity can be decimated by macro economic events,” said Rebecca Babin, senior energy trader at CIBC Private Wealth. “The commodity broke a significant level of support as the market tries to quantify the economic ramifications of banking turmoil.”

Traders had been waiting for a catalyst to break prices out of the relatively narrow trading range that has dominated the market as expectations for rebounding Chinese demand compete with weaker economic outlook in the West.

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WNU Editor: If we are heading into a recession, oil prices will definitely decrease. According to the experts, this is the worse case scenario .... Oil Prices Tumble. Worst Case Could Be $40 a Barrel (Barons).

Is The Price Of Oil About To Collapse?

The Oil Price Collapse Continues After Brief Respite -- OilPrice.com

Banking rout fuels U.S. oil hedging, as investors seek to limit losses -- Reuters

Oil has sunk to a near 15-month low. Here's why. -- Houston Chronicle

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US And Russian Chiefs Of Staff Discuss Ukraine In Rare Phone Call

U.S. Chairman of the Joint Chiefs of Staff Gen. Mark Milley (left) and his Russian counterpart Valery Gerasimov (file photo) The Hill: Milley speaks with Russian counterpart for first time since start of war Chairman of the Joint Chiefs of Staff Gen. Mark Milley spoke with his Russian counterpart on Thursday, the first such conversation between the two since the Kremlin’s invasion of Ukraine began in late February, according to the Pentagon. Milley spoke by phone with Valery Gerasimov, chief of the Russian general staff, and they “discussed several security-related issues of concern and agreed to keep the lines of communication open,” Joint Staff spokesperson Col. Dave Butler said in a readout of the conversation. The Pentagon did not provide further information on the conversation. Read more .... WNU Editor: So much for the reports last week that Chief of the General Staff of the Armed Forces of Russia Valery Gerasimov was fired b...

Is Putin's Inner Circle Already In Discussions On Who Is Going To Replace Him?

Russian President Vladimir Putin leads a meeting on economic issues in Moscow on Monday. (Alexei Nikolsky, Sputnik, Kremlin Pool Photo via AP) Daily Beast: Putin’s Own Men Are Already Discussing Who Will Replace Him Three months into Vladimir Putin’s bloody “special operation” in Ukraine, his own men in the Kremlin are reportedly discussing who will replace him. That’s according to new reporting by the independent news outlet Meduza, which cited several sources close to the Russian presidential administration who said officials are increasingly fed up with Putin personally. Some of Putin’s own allies within the Kremlin walls have reportedly floated the idea of Moscow Mayor Sergei Sobyanin becoming his successor, or former President Dmitry Medvedev, who is now the deputy chairman of the Security Council. Sergei Kirienko, the first deputy chief of staff of the presidential administration, was also said to have been discussed as a contender. Read mor...

China's shipyard CSSC launches 1st Pakistani Hangor class submarine PNS Hangor

According to information published by the Pakistani MoD on April 26, 2024, the Hangor class submarine PNS Hangor was launched by the Chinese shipyard CSSC. This submarine is a part of the Hangor-class, which itself is based on the Yuan-class Type 039B submarines provided by China. Read full news at this link Hangor class submarine PNS Hangor. (Picture source: Pakistani MoD) Read more from World Defence News https://ift.tt/dgQWhs7 via IFTTT

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