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Stock impact report

Oil prices pressured by economic slowdown, but Saudi commitment to supply cuts supports [CNBC]

Bank of America Corporation (BAC) 
Last bank of america corporation earnings: 4/15 06:45 am Check Earnings Report
US:NYSE Investor Relations: investor.bankofamerica.com
Company Research Source: CNBC
Oil prices were pressured on Tuesday by an economic slowdown that has started to impact fuel consumption, although some support came from a Saudi Arabian statement that consensus was emerging with other producers over extending supply cuts. Front-month Brent crude futures were at $61.06 at 0200 GMT. That was 22 cents, or 0.4%, below last session's close. U.S. West Texas Intermediate (WTI) crude futures were at $53.08 per barrel, down 17 cents, or 0.3%, from their last settlement. Oil futures are around 20% below 2019 peaks reached in late April, with falls in May the sharpest monthly declines since November. That has come as financial traders sell out of oil futures amid growing concerns about the outlook for the world economy and oil consumption. Saudi Energy Minister Khalid al-Falih said on Monday that a consensus was emerging among producers to continue working "to sustain market stability" in the second-half of the year. The Middle East dominated producer club of the Organization Show less Read more
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