The Zacks Analyst Blog Highlights: RGC Resources, Hess And Marathon Oil
Zacks Investment Research | Feb 20, 2020 10:16PM ET
For Immediate Release
Chicago, IL – February 21, 2020 – Zacks.com announces the list of stocks featured in the Analyst Blog. Every day the Zacks Equity Research analysts discuss the latest news and events impacting stocks and the financial markets. Stocks recently featured in the blog include: RGC Resources, Inc. (NASDAQ:RGCO) , Hess Corp. (NYSE:HES) and Marathon Oil Corp. (NYSE:MRO) .
Here are highlights from Thursday’s Analyst Blog:
3 Stocks to Play Oil’s Sharp Upward Movement
Global oil demand witnessed trying times recently due to the Coronavirus pandemic that put China on lockdown and sent ripples of distress through financial markets. Rising tensions over oil supply in the South American and African regions also induced volatility in global oil prices.
However, recent developments gave oil prices a rather sharp uptick, prompting oil futures to hit the highest settlement in almost three weeks on Feb 19.
West Texas Intermediate crude for March delivery rose $1.24 (2.4%) to settle at $53.29 a barrel on the New York Mercantile Exchange after closing Tuesday’s session witnessing no change. April Brent crude gained $1.37 (also 2.4%) to reach $59.12 a barrel on ICE (NYSE:ICE) Futures Europe.
China’s Rate Cut to Boost Oil Demand
Of the many reasons that drove oil prices is China cutting its loan prime rate (LPR) in a bid to boost its economy despite the deadly Coronavirus outbreak. The 1-year LPR was lowered by 10 basis points and the 5-year LPR witnessed a 5 basis points reduction.
This development is expected to raise demand for oil in the Asian country, which has been weak because of the prevalent pandemic. After all, China is the world’s second biggest oil consumer and any disruption in the country’s demand affects global oil prices.
Will US Sanction of Russian Oil Giant Hurt Crude Supply?
On Feb 18, the United States imposed tough economic sanctions on the Russian company Rosneft Trading, a subsidiary of the Russian state-controlled Rosneft Oil company, that operates in Venezuela and kept President Nicolás Maduro’s government buoyant.
According to Zacks Investment Research
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