Oil posts third weekly loss as EU postpones price-cap talks
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Oil posted a third weekly loss as the European Union suspended talks over a Russian oil price cap amid disagreements between member states.
West Texas Intermediate futures fell 2.1 per cent to settle at US$76.28 a barrel after trading in a more than US$3 range on Friday. European diplomats remain locked in talks over how strict the cap should be, having previously proposed a range of US$65-US$70. Poland and the Baltics felt the cap was too generous to Russia and now diplomats have postponed discussions until Monday.
The cap talks come before an OPEC+ meeting early next month. Iraq and Saudi Arabia’s oil ministers met on Thursday and said the group could take further measures if required to achieve stability in the market.
Israel killed another top Iranian official -- the intelligence minister -- in its campaign against the Islamic Republic’s leadership, and an Iranian offshore natural gas field was struck Wednesday amid the war’s escalating pressure on the region’s economic lifeblood: energy.
Canadian and U.S. stock markets fell on Wednesday amid interest rate decisions from the Bank of Canada and the U.S. Federal Reserve, with both central banks acknowledging inflationary risks from the war in the Middle East.
Israel killed another top Iranian official -- the intelligence minister -- in its campaign against the Islamic Republic’s leadership, and an Iranian offshore natural gas field was struck Wednesday amid the war’s escalating pressure on the region’s economic lifeblood: energy.
Bank of Canada holds rate at 2.25 per cent as growth weakens and oil-driven inflation risks rise amid geopolitical uncertainty.
U.S. stocks are sinking Wednesday after a discouraging report said inflation was primed to worsen, even before the war with Iran sent oil prices spiking.
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Two Canadian cargo ships are stuck in the Persian Gulf and unable to pass through the blocked Strait of Hormuz as the war in Iran continues.
U.S. stocks are sinking Wednesday after another climb for oil prices raised worries about inflation, which may have been primed to worsen even before the war with Iran began.
U.S. crude stocks rose while gasoline and distillate inventories fell last week, the Energy Information Administration said on Wednesday.
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A key question hangs over the Federal Reserve’s two-day meeting that ends Wednesday: Will central bank policymakers still reduce short-term interest rates this year, now that the Iran war has sent oil prices higher and gas prices spiking? Or will they have to stand pat for months to see how the conflict plays out?
Wall Street followed global markets higher Wednesday and the price of U.S. crude fell eased despite a new barrage of attacks by Iran on its Gulf neighbors.