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WTI Crashes Below $20, Stocks Drop, Gold Pops As Trump Extends Lockdown

Courtesy of ZeroHedge View original post here.

After plunging into Friday’s close, US equity futures markets are extending losses at the open after President Trump extended the virus guidelines (lockdown) until April 30th.

Dow futures have erased most of Thursday’s surge gains…

But oil was the big mover as WTI plunged as much as 7.5% to a $19 handle…

That is the lowest since early 2002…

The kingdom said on Friday that it hadn’t had any contact with Moscow about output cuts or on enlarging the OPEC+ alliance of producers. Russia also doubled down, with Deputy Energy Minister Pavel Sorokin saying oil at $25 a barrel is unpleasant, but not a catastrophe for Moscow.

Bonds are bid…

And gold is rallying modestly…

We’re gonna need more Fed largesse… stat


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