David Riley, chief investment strategist at BlueBay Asset Management, talks to Investment Week about the severity of the recession and the potential market recovery in the same week that saw oil prices turn negative.
Last week, the price of oil fell into negative territory. What happened? What we saw last week was extraordinary. After getting used to negative bond yields, this crisis has now brought us negative oil prices. That said, it was the price of US West Texas Intermediate oil for short-dated delivery - so for delivery next month - that collapsed on Monday from about 10 dollars per barrel to -40 dollars per barrel. It did subsequently bounce into positive territory and the actual volume of oil traded at that level was very small. Polar Capital's Douglas 'optimistic' on defensive hea...
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