Oil heads for longest losing run since 2021 on slowdown concerns
BNN Bloomberg
Oil fell for a fourth day, set for the longest losing run in more than a year, as investors fretted that a global slowdown would hurt energy consumption and an industry report pointed to a major build in U.S. inventories.
West Texas Intermediate fell toward US$87 a barrel following a drop of almost six per cent over the prior three days. On Wednesday, minutes from the Federal Reserve showed officials committed to raising interest rates to a restrictive level and holding them there to curb inflation, potentially slowing growth.
Figures from the industry-funded American Petroleum Institute, meanwhile, showed an increase of more than seven million barrels last week, according to people familiar with the release. Official data will follow later Thursday.
Facing a $1.4 billion deficit shortfall, the provincial government says its large-animal vet service will be privatized over the next three years.
Facing a $1.4 billion deficit shortfall, the provincial government says its large-animal vet service will be privatized over the next three years.
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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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U.S. stocks are sinking Friday as hopes wither on Wall Street for a possible cut to interest rates by the Federal Reserve this year because of the war with Iran.
Pinterest CEO Bill Ready called on world leaders to ban social media for youth under 16 in a LinkedIn post on Friday.
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.