Oil drops as debt angst climbs and Novak says OPEC+ to stand pat
BNN Bloomberg
Oil fell as tensions over the U.S. debt-ceiling impasse rose and Russia played down the chances that OPEC+ will cut production further.
West Texas Intermediate dropped toward US$74 a barrel after rallying nearly four per cent over the previous three days as U.S. crude inventories sank and Saudi Arabia warned speculators to “watch out.” Fitch Ratings said it may downgrade U.S. credit ratings to reflect the partisanship preventing a debt-ceiling deal.
The Organization of Petroleum Exporting Countries and its allies are unlikely to take any new steps at their first face-to-face meeting in six months in early June after a recent decision to cut output, Russia's Deputy Prime Minister Alexander Novak said in an interview with Izvestia.
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Markets in Canada and the U.S. continued to trade lower while oil went up late morning on Friday as inflationary fears prevailed among investors.
Gold prices fell by 1.8 per cent on Friday as the dollar strengthened on a report that the United States will deploy extra troops in the Middle East, fanning concerns of higher oil prices, inflation, and with it, elevated interest rates.
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.
Statistics Canada says retail sales were up 1.1 per cent at $70.7 billion in January, led by sales at motor vehicle and parts dealers.
As Qatar reels from an Iranian attack that has hobbled its giant natural gas company, its boss, who doubles as the country’s energy minister, says he had warned officials and executives of just such a danger should Iran’s own sites be hit.
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Wall Street is stumbling toward the finish line of a fourth straight losing week on Friday, but an ease in oil prices is taking some of the pressure off stock markets worldwide.
FedEx shares surged about 10 per cent before the bell on Friday, after the package-delivery giant raised its full-year profit forecast and signaled steady shipping demand despite geopolitical tensions and surging fuel costs.