Oil heads for sixth weekly gain after Saudis, Russia extend cuts
BNN Bloomberg
Oil headed for a sixth straight weekly gain, the longest winning streak in more than a year, after OPEC+ heavyweights Saudi Arabia and Russia extended production cuts into next month and US stockpiles sank by a record.
West Texas Intermediate traded around US$82 a barrel, taking gains over the six-week span to about 18 per cent. Saudi Arabia said Thursday it would extend its unilateral 1 million barrel a day oil output cut into September, and that the move could be prolonged further or even deepened. Russia will also extend its cut into next month, although it tapered the size of the reduction.
The conflict in Ukraine was also in focus after the Caspian Pipeline Consortium said that Russian authorities temporarily closed Novorossiysk port for marine traffic after a drone attack. Still, oil loadings on moored tankers continued, and there has been no damage to CPC infrastructure, it said.
Futures in New York have now risen in the year to date, amid the rally driven by the leaders of the Organization of Petroleum Exporting Countries and its allies. An OPEC+ committee is due to review the market on Friday.
U.S. markets ticked slightly lower and oil prices rose early Tuesday as the war in the Middle East continued a day after U.S. President Donald Trump said the United States had made progress in talks with the Islamic Republic to end the conflict.
Bank of Montreal said on Tuesday it plans to roll out tokenized cash capabilities in collaboration with CME Group and Google Cloud, as it seeks to meet rising demand for real‑time payments amid a global shift toward around‑the‑clock trading.
From rolled steel to kitchen cabinets, Canadian businesses hit by targeted U.S. tariffs are struggling to respond as the trade war drags into its second year.
Global benchmarks mostly rebounded Tuesday, in a mood of cautious relief after U.S. President Donald Trump said the United States has talked with Iran about a possible end to their war.
It’s that time of the year again, tax time, a time to file your annual return with the Canadian Revenue Agency.
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.