Treasury Yields Slide On Risk-Off Sentiment — Market Talk
October 27, 2020
Watch Peter Cardillo, Spartan Capital Securities’ view on the impact of COVID-19 and the reason for the DOW’s nosedive
October 28, 2020WTI oil prices end 2.6% higher at $39.57 a barrel, recouping nearly all of Monday’s declines as a tropical storm causes offshore oil producers to slash production, and as investors bet the US economy could keep improving despite a recent increase in coronavirus cases. With Tropical Storm Zeta heading straight toward production platforms in the Gulf of Mexico, government data today shows offshore output was cut by 49% or 915k bpd. Peter Cardillo at Spartan Capital says prices were also supported by some forecasts for a decline in weekly US oil inventories, and also by the view that despite a worrisome rise in US coronavirus cases, a widespread reimposition of demand-destroying lockdowns seems unlikely.
