In April, oil prices briefly went negative. May was a different story with WTI Crude, the U.S. oil benchmark, registering its best month ever after gaining 88.38%. Record supply cuts and an uptick in demand pushed prices higher.
U.S. gross domestic product (GDP) contracted 5% in Quarter 1 (Q1) 2020 (vs Q4 2019) but grew 2.1% (vs Q1 2019) on back of economic activity being hit due to the spread of COVID-19. On a long-term average, the numbers aren’t really that bad but Q2 2020 will be far worse …
The World Health Organization (WHO) declared COVID-19 a pandemic in March. New cases and fatalities are still growing exponentially. At the end of April there were 3.25 million cases (up from 860,000 at the end of March). The number of fatalities has grown exponentially too to 231,000 at the end of April (up from 42,000 at the end of March).
The World Health Organization (WHO) declared COVID-19 a pandemic on the 11th of March. New cases and fatalities are growing exponentially. At the end of March there were about 857,000 cases globally (up from 85,000 at the end of February and 9,500 at the end of January).