Calm returns to Wall Street as oil prices retreat below US$90 per barrel
BNN Bloomberg
Trading steadied early Tuesday and crude prices eased after wild swings this week with investors trying to figure out how long the war with Iran will continue.
Futures for the Dow Jones Industrial Average rose 0.2 per cent before the opening bell, while S&P 500 futures inched up 0.1 per cent. Futures for the Nasdaq were up 0.2 per cent.
On Monday, markets swung from big losses to finish the day with gains, while oil prices neared US$120 per barrel before falling back to about $90. Oil prices inched down further early Tuesday.
Helping to assuage investors’ fears, U.S. President Donald Trump told CBS News on Monday that he thinks “the war is very complete, pretty much.” However, Trump also made other somewhat contradictory comments that seemed to threaten intensified action against Iran if it makes any “attempt to stop the globe’s oil supply.”
Iran launched new attacks on Tuesday at Israel and Gulf Arab countries, keeping pressure on the Middle East in a war started by Israel and the United States 10 days ago that has sent oil prices surging.
Benchmark U.S. crude fell $5.44 to $89.33 a barrel. Brent crude, the international standard, dipped $6.97 to $91.99 a barrel. Oil prices are still up about 34 per cent since the war began.
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Canada has committed to supplying 23.6 million barrels of oil as part of a larger International Energy Agency plan to help stabilize energy markets as the war in the Middle East continues.
Canada’s energy-heavy index may cushion stocks from oil shocks, but rising crude prices could boost inflation and pressure consumers.
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The U.S. is temporarily easing some sanctions on Russian oil shipments, reflecting global concerns over sharply higher crude prices due to supply shortages stemming from the Iran war.
Telus Corp.’s global IT and customer services arm says it’s investigating a breach of its systems.
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