Oil market turmoil, Netflix adds 16m subscribers, future of aerospace
FT News Briefing
Forhecz Topher
4.4 • 1.3K Ratings
🗓️ 22 April 2020
⏱️ 10 minutes
🧾️ Download transcript
Summary
Global oil markets remained under intense pressure on Tuesday with the price of US crude oil for June delivery nearly halving and Brent dropping below $20 per barrel for the first time in 18 years. Meanwhile, the White House and congressional leaders agreed to a new coronavirus stimulus package which includes funds to replenish the small business rescue fund, and Netflix has emerged as one of the few corporate winners of the pandemic after adding more than twice as many subscribers as it had forecast last quarter. Plus, the FT’s industry editor, Peggy Hollinger, explains how the aerospace industry is being forced to adapt to a dramatic decline in air travel due to coronavirus.
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Transcript
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| 0:00.0 | Good morning from the Financial Times. |
| 0:02.0 | Today is Wednesday, April 22nd, |
| 0:04.0 | and this is your FT news briefing. |
| 0:07.0 | The prices of the US and Brent Crude Oil fell on Tuesday, |
| 0:12.0 | continuing a tough week for oil markets. |
| 0:14.7 | The White House and Congress reach a new deal for COVID-19 relief, and it appears there's one |
| 0:19.9 | corporate winner coming out of the coronavirus lockdowns. |
| 0:23.1 | Netflix. |
| 0:24.4 | Plus, because people are stuck at home and can't travel, airlines and the aircraft |
| 0:28.7 | makers that supply them are taking a hit. |
| 0:31.6 | The FT's industry editor, Peggy Hollinger, explains what's in store for the aerospace |
| 0:36.2 | industry. I'm Mark Filipino, and here's the news you need to start your day. |
| 0:45.0 | Yesterday the price of West Texas intermediate oil |
| 0:48.0 | climbed out of negative territory. |
| 0:50.0 | That's when it came to the contract for May deliveries. |
| 0:52.9 | But it closed yesterday at just $10 a barrel. |
| 0:56.6 | And the problems continued with the new June contract. |
| 1:00.0 | The F.T's US Energy editor, Derek Brower, |
| 1:02.4 | is back to explain what the losses mean for U.S. and international |
| 1:06.4 | oil markets. |
| 1:08.4 | It really just reinforced that this isn't a problem that's just related to a technical expiry of a contract. |
| 1:14.0 | This is a problem that the US oil industry faces because nobody wants to buy the crude and there isn't |
... |
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