Oil Prices Set To Collapse

by Jonathan Custer

The Saudi-Russian Oil War is going to cause crude oil prices to collapse. Saudi Arabia plans to increase oil output next month, going well above 10 million barrels a day, as the kingdom responds aggressively to the collapse of its OPEC+ alliance with Russia. …“This is going to get nasty,” said Doug King, a hedge …

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Auto Sales In China Down 80% In February

by Jonathan Custer

Auto sales in China, the world’s largest passenger car market, fell 80% in February because of the coronavirus epidemic, one of the country’s industry associations said on Wednesday. The China Passenger Car Association (CPCA) said in a statement that China’s overall passenger car sales dropped 80%, without giving a full sales figure for the month. …

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U.S. February PMI Comes In At 50.1

by Jonathan Custer

The latest report is somewhat meaningless until we see how the coronavirus plays out in the United States.  Nevertheless, U.S. manufacturers said business began to significantly slow in February as supply bottlenecks caused by the coronavirus hampered their ability to get parts. The February PMI® registered 50.1 percent, down 0.8 percentage point from the January …

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