- European stocks closed higher as stocks rebounded after crude oil futures recovered from recent severe setbacks that had pushed their prices to sub-zero levels for the first time ever in history.
- US stocks moved sharply higher over the course of the trading day partly offsetting the steep drop seen over the two previous sessions. The major averages all showed significant moves to the upside on the day.
- Asian stocks ended mixed as investors continued to fret over the spread of Covid-19.
- Whether or not OPEC+ oil producers formally agree to extra oil output curbs, rapidly filling storage capacity and plummeting demand due to the coronavirus crisis may force them to cut more. With crude consumption collapsing, the Organization of the Petroleum Exporting Countries, Russia and other producers, a group known as OPEC+, is due to implement a deal to cut supply by a record 9.7 million barrels per day (bpd) from May 1. But that unprecedented deal to withdraw about 10% of global supply already looks inadequate when demand has plunged by as much as 30% and the world is possibly just weeks away from running out of storage space for the surplus.
- Crude inventories in the US jumped by 15.022 million barrels in the week ended April 17th 2020, after surging by a record 19.248 million in the previous period and compared with market expectations of a 15.150 million advance, according to EIA Petroleum Status Report. Meanwhile, gasoline inventories went up by 1.017 million in the week, below market consensus of a 3.578 million increase.
- The average prices of single-family houses with mortgages guaranteed by Fannie Mae and Freddie Mac in the United States increased 0.7% from a month earlier in February of 2020, following an upwardly revised 0.5% advance in January. Among Census divisions, the biggest gains were recorded in Middle Atlantic (1.2%), Mountain (1%) and East North Central (1%). Year-on-year, house prices went up 5.7% in January, with prices ranging from +4.2% in the West South Central division to +8.1% in the Mountain division.
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