Oil dips after four weekly gains on demand headwinds and dollar
BNN Bloomberg
Oil lost ground after a fourth week of gains as a rallying U.S. dollar and demand headwinds countered warnings from the International Energy Agency of higher prices ahead.
West Texas Intermediate futures dipped below US$82 a barrel on Monday after previously posting the longest run of weekly increases since June. Lingering concerns over global inflation and demand for oil products were also factors.
“Clearly, worries about stuttering economic growth and untamable inflation are capping efforts to push prices higher,” said Tamas Varga, an analyst at PVM Oil Associates Ltd. “Breaking above the $90 barrier on Brent will be a tall order in the very near future.”
The IEA warned on Friday that the surprise OPEC production cut announced earlier this month will lead to painful price increases for consumers. The supply curbs that begin in May should further tighten the outlook for the second half of the year, the agency said.
Gold seen as overbought as Iran tensions ease, with falling oil prices lifting stocks and shifting investor sentiment toward risk assets.
Stock markets in Canada and the U.S. rallied after President Donald Trump said the United States has talked with Iran about a possible end to the war.
A cautious relief swept through financial markets Monday after President Donald Trump said the United States has talked with Iran about a possible end to their war.
A pipeline leak in Sarnia, Ont., has been located more than a week after a sheen reportedly turned up on the St. Clair River.
U.S. President Donald Trump on Monday said the U.S. was talking with a “respected” Iranian leader and claimed the Islamic Republic was eager for a deal to end the war. He also extended a deadline for Iran to reopen the crucial Strait of Hormuz or face attacks on its power plants, saying it has an additional five days.
Berkshire Hathaway, the conglomerate built by Warren Buffett, is buying a 2.49 per cent stake in Japanese insurer Tokio Marine Holdings for about US$1.8 billion as part of a new strategic partnership, deepening its financial commitment to Japan.
Relief is ripping through financial markets after U.S. President Donald Trump said the United States has talked with Iran about a possible end to their war, despite Iran’s denials.
Asset management giant BlackRock’s CEO Larry Fink urged clients to stay invested despite ongoing market volatility, and highlighted that artificial intelligence is reshaping investment strategies and the broader economy.
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Global oil prices will continue to rise as the war in the Middle East continues and the Strait of Hormuz remains inaccessible, according to an energy expert.
Canada’s federally backed farm lender is offering financial aid to farmers, agricultural businesses and food companies hit by the spike in fertilizer and energy prices, it said on Friday.
Jay Allen is a fan of U.S. President Donald Trump, and voted for him on the belief that the Republican would cut taxes and trim regulations, helping his manufacturing business in northeast Arkansas.