Oil Prices Rise On Supply Cut, Easing Of Coronavirus Lockdowns.

Financial News Today | 26th May 2020

Oil prices climbed on Tuesday, boosted by increasing faith in the market that producers will stick to commitments to cut crude supply while demand picks up with more cars back on the road as coronavirus lockdowns are eased around the world.
WTI crude futures gained 3.2%, or $1.06, to $34.29 a barrel, just off an intra-day high of $34.54. Brent crude futures were up nearly 1.7% to $36.12.
Data from energy services firm Baker Hughes showed US rig count hitting a record low of 318 in the week to May 22, also indicating lower output in the future.
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Trump Threatens Moving Republican Convention Over Corona Restrictions.
U.S. President Donald Trump warned on Monday that he may move the Republican National Convention set for August from North Carolina if the event faces state social distancing restrictions due to the coronavirus.
The COVID-19 pandemic has forced Trump and presumptive Democratic nominee Joe Biden to halt campaign rallies. Some have raised concerns that the large formal nominating conventions that are typically packed with delegates could raise safety issues.
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GFK - German Consumer Morale Improves Slightly But Job Fears Remain High.
German consumer morale improved slightly heading into June after hitting its lowest ever level in May. Europe's largest economy is slowly recovering from the coronavirus pandemic.
The GfK consumer sentiment indicator, based on a survey of some 2,000 Germans, remained in negative territory, but rose to -18.9 points from an upwardly revised -23.1 in the previous month.
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Germany Grants Lufthansa Mega Bailout With A $9.8 Billion Lifeline.
Germany threw Lufthansa a $9.8 billion lifeline agreeing a bailout on Monday. The largest German corporate rescue since the coronavirus crisis, will see the government get a 20% stake. It  could rise to 25% plus one share in the event of a takeover attempt, as it seeks to protect thousands of jobs.
Lufthansa has been locked in talks with Berlin for weeks over aid it needs to survive an expected protracted travel slump, with the airline wrangling over how much control to yield in return for financial support.
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Chile’s LATAM Airlines Group Files For U.S. Bankruptcy Protection.
Latin America's largest airline LATAM Airlines Group SA said on Tuesday the company and its affiliates in Chile, Peru, Colombia, Ecuador and the U.S. have filed for Chapter 11 bankruptcy protection in the United States
U.S. carrier Delta Air Lines Inc is the biggest shareholder in LATAM with a 20% stake during better times for the industry. LATAM said it had secured funding from other major shareholders, including the Cueto and Amaro families and Qatar Airways, to provide up to $900 million in debtor-in-possession financing.