Oil heads for weekly gain after OPEC+ supply cuts spur rally
BNN Bloomberg
Brent oil climbed above US$90 a barrel and was on track for a small weekly gain after supply curbs from OPEC+ leaders Saudi Arabia and Russia were extended for the rest of the year.
The global benchmark is trading near its highest level this year. Russia plans to reduce diesel exports from its key western ports by a quarter this month as a result of seasonal refinery maintenance and plans to keep more supplies at home. A rise in diesel futures outpaced gains in crude.
Oil remains higher this quarter as the OPEC+ supply cuts boosted prices, with underlying metrics including key timespreads signaling a tighter market. Still, some banks remain cautious, with JPMorgan Chase & Co. analysts including Natahsa Kaneva saying crude is unlikely to see US$100 a barrel this year as the demand outlook is challenging. With OPEC+ decisions now known, the outlook will shift to how central banks will continue to combat inflation.
Canadian officials spoke to Trump administration representatives about a proposed revival of part of the canceled Keystone XL oil pipeline in a meeting in Houston this week, Canada’s Natural Resources Minister Tim Hodgson said Tuesday.
Oil above US$100 is adding pressure on equities as geopolitical risks and uncertainty over inflation and growth cloud the outlook.
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The chief executive of National Bank of Canada says he’s not changing the bank’s strategy because of the war in the Middle East, but he is urging a faster response from Canada to rising threats abroad.
With airstrikes still battering Iran and missiles still targeting sites across the Middle East, some of the optimism that sent stocks rallying the day before drained out of Wall Street on Tuesday. Oil prices got back to rising, and U.S. stocks are returning some of their gains.
A large explosion at an oil refinery near the Texas coast shot plumes of smoke into the air and forced nearby residents to shelter in place, officials said.
Oil prices rise and stocks fall as war with Iran still advances despite Trump’s talk of negotiations
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.
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.
