Oil Ends Lower as Trump Plans Meeting with CEOs — Market Talk

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Oil Ends Lower as Trump Plans Meeting with CEOs — Market Talk

US oil prices end the session 0.8% lower at $20.31/bbl as shrinking demand due to coronavirus pushes US oil and gasoline inventories sharply higher, and as President Trump plans a meeting for Friday with the heads of top oil companies including Exxon, Chevron, Continental Resources. “The fact that Trump will be meeting with oil industry leaders this week suggest to us the urgent need to halt the slide in oil prices,” says Spartan Capital’s Peter Cardillo. “Prices are at levels that the Saudis and Russian must end the price war and rebalance the market … or risk prices falling to $15.