Is this a buy when there is blood on the street opportunity? XOM and CVX were already yielding around 5% before any stock price decreases when the market opens on Monday.
(Bloomberg) – Oil in London plunged the most since 2008 on signs of a breakdown in the global producer alliance that helped engineer crude’s recovery from the worst crash in a generation.
Futures plummeted more than 9% in London as talks between members of the OPEC+ group collapsed in Vienna. Producers in the alliance are free to pump at will starting next month, after Russia refused to bend to Saudi Arabia’s wish for output cuts aimed at offsetting the coronavirus crisis’s impact on demand.