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An Entity of Type : schema:NewsArticle, within Data Space : data.cimple.eu associated with source document(s)

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rdf:type	schema:NewsArticle
schema:articleBody	The aftershocks of an unprecedented slump in oil prices into negative territory were felt across Wall Street on Monday, with stock indices starting lower and staying that way all day. The Dow Jones Industrial Average declined 2.4 percent to finish the session at 23,650.44. The broad-based S&P 500 fell 1.8 percent to end at 2,823.16, while the tech-rich Nasdaq also struggled, ending down 1.0 percent at 8,560.73. The day's most shocking developments were seen on the oil market, where the price for US benchmark West Texas Intermediate crude for May delivery plunged to below zero, ending at -$37.63 a barrel. The futures contract for May closes Tuesday -- when traders who buy and sell the commodity for profit would have had to take physical possession of the oil -- and with the glut in markets and storage facilities full, buyers were scarce. "It's a contract for something that nobody wants to buy," said Matt Smith of ClipperData. The remarkable decline occurred as it becomes evident the petroleum industry is one of the corners of the global economy most vulnerable to the economic shutdowns designed to limit the spread of coronavirus. The commodity has been further weakened by a battle for market share that raged through much of the spring between Saudi Arabia and Russia. A deal announced last week between OPEC and independent producers to cut output by about 10 million barrels per-day from May appears not to have been enough to shore up prices, while the closely-monitored storage capacity at Cushing, Oklahoma was almost full as of Monday morning. "It's a dump at all cost as no one... wants delivery of oil, with Cushing storage facilities filling by the minute," AxiCorp's Stephen Innes said. Oil company share prices were predictably hard hit, with Chevron down 4.1 percent and ExxonMobil 4.7 percent lower. Boeing was among the biggest losers, drop 6.8 percent. cs/hs
schema:headline	Wall Street sinks on oil chaos, Dow down 2.4% at close
schema:mentions	Mandag Morgen S&P 500 Index ExxonMobil Chevron Corporation OPEC Commodity Dow Jones Industrial Average ReMarkable Barrel Petroleum Edmond, Oklahoma Saudi Arabia Russia Coronavirus William B. Cushing Futures contract Tom and Matt Smith Stock market index NASDAQ Composite West Texas Intermediate
schema:author	http://data.cimple.eu/organization/1f0054d541e000623a2c1e561a247c073ef6328e8be9ffafda7b3fcd
schema:datePublished	2020-04-20 (xsd:date)
http://data.cimple...sPoliticalLeaning	other political leaning
http://data.cimple...logy#hasSentiment	negative sentiment
http://data.cimple...readability_score	60 (xsd:integer)
http://data.cimple...tology#hasEmotion	fear

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