The United States economy will shrink 5.5% in 2020, the steepest drop since 1946, with a huge 38% contraction predicted for the second quarter, Morgan Stanley said on Friday in a new batch of forecasts on the economic damage from the coronavirus outbreak. The U.S. bank said it had cut its...

Oil prices rocketed Thursday after US President Donald Trump said Russia and Saudi Arabia planned to end their price war by slashing output. But gains for Brent North Sea crude of nearly 46 percent cooled to around 20 percent as Russia denied it had spoken with Saudi Arabia, the world's...

 BlackRock’s Managing Director Amer Bisat said on Wednesday that the world economy could contract by 11% in the first half of 2020 and lose $6 trillion in economic output due to the coronavirus pandemic. “To put this in context, this will be worse than the contraction that we saw...

The non-oil economies of the energy-rich Gulf states are likely going in reverse this year, shrinking in the case of Saudi Arabia for the first time in more than three decades. Once they shift into higher gear, the bounceback will generate so little momentum that a creeping recovery may...