Oil

Oil Tycoon Harold Hamm says Saudi Arabia and Russia are flooding the market with oil to hurt US producers.

The bull market that began on March 9, 2009, has been hamstrung by cratering oil prices and lower interest rates as central banks grapple with a new coronavirus.

Oil prices are mired in an historic slump, and America’s biggest banks are not immune from the pain.

Saudi Arabia has been producing around 9.8 million barrels per day, carrying the bulk of cuts that were agreed upon by OPEC members and other major oil producers, namely Russia, to stave off an oversupply in the market that would further push prices down.

The stock volatility has the Fed Chair and Treasury Secretary in constant communication.

The median bear market for oil lasts 92 business days and includes a price decline of 34 percent. The current selloff has been just 46 business days.

Collapsed oil prices are putting pressure on American drillers, but the industry may grow more focused as a result.

Trump may lower the boom as OPEC infighting shocks world oil markets.

State-run Saudi Aramco said Tuesday it will increase April production to 12.3 million barrels per day, or 300,000 more than the oil giant’s maximum sustained capacity.