BP cuts 10,000 jobs after oil price collapse

In this edition of "Charting Futures," Bloomberg Intelligence's Mike McGlone examines crude oil prices with Bloomberg's Abigail Doolittle on "Bloomberg Markets: The Close."

Why the US-Iran tensions are driving up oil prices

Saudi Arabia has taken drastic measures after Russia refused to comply with OPEC efforts to stabilize the market. The economic fallout of the coronavirus outbreak is cutting deep into global demand for fossil fuels.

The price of US oil plunged below zero for a second day on Tuesday, as a supply glut in the market leads to a shortage of space to store excess oil. West Texas Intermediate plunged as low as $-40 on Monday, which means producers were having to pay buyers to take their oil. The plunge has been exacerbated by the fact that Tuesday is the final day for contracts to deliver barrels in May, when demand is expected to remain low.

Oil prices remain turbulent, a day after turning negative for the first time in history. The coronavirus pandemic and lockdowns around the world have seen demand for oil dry up, and storage space is running low. Analysts say the international benchmark, Brent crude, is a better reflection of the current state of the market, but prices remain at their lowest level in decades. Donald Trump has pledged to support America's oil and gas industry - we look at what measures could be in store.

These are strange times indeed — with oil prices in negative territory, sellers are practically giving it away. But is that really because of the coronavirus or is it about the oil market itself?

With the global economy grinding to a sudden halt because of the Covid-19 pandemic, oil prices are going through the floor with suppliers fast running out of room to store the stuff. That’s terrible news for oil producers the world over, particularly in countries who rely on hydrocarbon handouts to keep regimes afloat. But if you’re dreaming of free fill-ups, don’t hold your breath. It might not be such great news either for cash-strapped consumers: for one, much of the price at the pump is tax and it will only fall so much.

Oil prices have climbed up in recent times driven by relaxed coronavirus restrictions and lock-downs in some countries which have allowed some businesses and factories to resume operations. The market was also supported by Saudi Arabia’s decision to further deepen its output cut. Rolake Akinkugbe-Filani, Managing Director of Energyinc Advisors joins CNBC Africa to focus on the global oil market and its implication for Nigeria.

Oil prices have climbed up in recent times driven by relaxed coronavirus restrictions and lock-downs in some countries which have allowed some businesses and factories to resume operations. The market was also supported by Saudi Arabia’s decision to further deepen its output cut. Rolake Akinkugbe-Filani, Managing Director of Energyinc Advisors joins CNBC Africa to focus on the global oil market and its implication for Nigeria.

The British energy giant said oil prices had dropped "well below the level" that the company needed "to turn a profit." BP's chief executive said the company had already planned to become "leaner."

Nigeria is officially in recession for the first time in more than a decade, bringing an end to three years of low but positive growth. The African country's economy relies heavily on oil exports, but the coronavirus pandemic has slashed global demand and the price of oil has plunged. That's bad news for a country whose budget plans relied on getting a certain price per barrel, a price that now means Nigeria is selling crude at a loss. Our correspondent Moïse Gomes reports from Lagos.

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