Crude oil price was under pressure as investors continued to focus on demand and supply. The price of Brent and West Texas Intermediate (WTI) rose to $28 and $19.97 respectively.
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JoinedMar 22, 2020, 20:04 GMT
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Crude oil price declined in overnight trading as questions lingered about the historic oil supply cut deal that was reached on Sunday. The deal will see oil producers reduce their daily production by more than 9.7 million. This will translate to more than 10 million barrels considering that many firms will go out of business if oil prices remain at the current levels.
The Dow Jones industrial average rose today as the market started to receive corporate earnings. Johnson and Johnson was the first major company to release its earnings. The company said that it made more than $20.7 billion, which was higher than the consensus estimates of $19.47 billion. The company made a net income of $2.30 per share and boosted its dividend from $0.95 to $1.01. However, the company slashed its outlook for the year to between $7.50 and $7.90 per share from the previous $8.95 and $9.10. This helped raise its stock by almost three per cent.