Oil pares gains as investors weigh Russian ban, China outlook
BNN Bloomberg
Oil pared an earlier gain, bookending another tumultuous week of trading, as investors weighed the prospect of a European Union ban on Russian crude imports and uncertainty over China’s virus resurgence.
Friday also saw a glimpse of hope in efforts to revive the Iran nuclear deal, with EU envoy Enrique Mora’s visit to Tehran going better than expected, according to the bloc’s foreign policy chief. Expectations had been fading that talks would resume.
Oil has swung sharply within a band of about US$12 this week. Although China’s virus outbreak and Russia’s war in Ukraine have contributed to choppy trading since late February, in recent days the specter of higher interest rates and rampant inflation have also weighed on risk sentiment.
“The rollercoaster ride shows no signs of stopping,” said Stephen Brennock, an analyst at PVM Oil Associates. “At the forefront of the oil market -- and the broader risk-asset complex for that matter -- are growing fears of an inflation-driven global recession.”
The U.S. International Trade Commission has launched an investigation into rules-of-origin regulations for automobiles under the Canada-U.S.-Mexico agreement on trade.
U.S. stocks fell Thursday, while oil prices rose with worries about a potential conflict between the United States and Iran.
Walmart beats Q4 earnings and posts 27 per cent online growth but keeps cautious full-year outlook amid trade and labour uncertainty.
The federal government is taking another step toward a potential expansion of the Port of Churchill in Manitoba and increased shipping through the Arctic.
GM Canada’s recent layoffs and multimillion dollar funding announcement are all part of a broader strategy to expand operations in its Oshawa plant, the company’s CEO says.
7-Eleven Canada says the big competition it’s facing won’t stop it from growing and evolving its business model.
MTY Food Group Inc. reported a profit in its latest quarter compared with a loss a year earlier as its revenue rose higher.
Teck Resources beat fourth-quarter profit expectations on Thursday, helped by a surge in copper prices and production, as the Canadian miner advanced its proposed merger with Anglo American.
Canadian airlines Air Transat and WestJet both recently announced cutbacks on routes to U.S. cities.
Canada home prices fell to a nearly five-year low in January as sales dropped and new listings rose, according to CREA data.
Mark Zuckerberg and opposing lawyers dueled in a Los Angeles courtroom on Wednesday, where the Meta CEO answered questions about young people’s use of Instagram, his congressional testimony and internal advice he’s received about being “authentic” and not “robotic.”
The grandson of the inventor of Reese’s Peanut Butter Cups has lashed out at The Hershey Co., accusing the candy company of hurting the Reese’s brand by shifting to cheaper ingredients in many products.
Global food and beverage companies from PepsiCo to Coca-Cola are focusing on shorter ingredient lists and smaller pack sizes in 2026 as more people take appetite-suppressing GLP-1 drugs for weight loss.