S&P500 Futures are 1.88% lower this morning after another setback in OIL prices that are trading down 25% at $15.52 per barrel this morning for the June contracts. EU markets are down 3% this morning and most Asian markets traded lower overnight as well. The May Oil contract that will expire today is at 0 or negative, reflecting an unprecedent collapse in crude demand and putting pressure on Oil producers globally and US and Canada Oil shell producers that are dealing will a zero-demand environment and consumption levels of 25 years back. The US dollar is trading higher versus FX markets this morning, that’s on investors move out of the other “safe heavens” while moving into the dollar. The index is at 100.4 this morning, up 0.4%. Gold and Silver are trading lower as most of the commodities are down sharply led by OIL, Gold is at $1,678 per ounce, down nearly 2% while Silver is down 5% to $14.8 per ounce and Copper prices are at $2.2, down 5% as well.
There is no important news on the agenda Tuesday, (all times GMT).
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The EURSXX50 and Nasdaq futures are sharply lower this morning as OIL prices collapse weight on global markets.
OIL contracts for June are down 25% this morning and OIL contracts for May are at negative prices!! as storage space runs out and the lockdown world crude demand is at 1995 levels.
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