Oil price news: oil holds near upper end of range on signs of tighter market
BNN Bloomberg
Oil hovered near the top of its recent trading range ahead of a report expected to show rising U.S. crude stockpiles, undercutting signs of a tightening physical market.
West Texas Intermediate was little changed near US$78 a barrel. The industry-funded American Petroleum Institute reported a large increase in U.S. inventories ahead of official U.S. government data due later Thursday.
In contrast, timespreads are signaling a more robust market and gauges of crude supply balances at the delivery point for U.S. futures of Cushing, Oklahoma, have also soared. Both measures are in a bullish pattern indicative of tight near-term supplies.
The absence of significant drivers for oil has meant futures have taken their cue from wider equity markets, with prices influenced by the ebbs and flows of global equities amid earnings reports and the release of economic data.
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.
FedEx shares surged about 10 per cent before the bell on Friday, after the package-delivery giant raised its full-year profit forecast and signaled steady shipping demand despite geopolitical tensions and surging fuel costs.
Wall Street is stumbling toward the finish line of a fourth straight losing week, but an ease in oil prices is taking some of the pressure off stock markets worldwide.
In the latest episode of Ticker Take on YouTube, I spoke with Madden, chief investment officer at First Avenue Investment Counsel, about how his team searches for companies that score well across multiple investment disciplines.
Oil prices steadied on Friday on the intensifying Iran war to around US$110 a barrel, while global shares were mixed following Wall Street losses.
With energy markets reeling due to the U.S.-Israel war on Iran, there are calls for British Columbia to ramp up its production of liquefied natural gas.
Iran intensified its attacks on oil and natural gas facilities around the Gulf on Thursday, raising the stakes in a war that is sending shock waves through the global economy.
Canadian and U.S. stock markets fell on Thursday as higher oil prices stoked inflationary fears.
Canadian securities regulators on Thursday announced a pilot project to allow smaller issuers to voluntarily adopt a semi-annual financial reporting framework, in a bid to ease the regulatory burden for public companies.
ETF strategies shift to defensive sectors while targeting growth opportunities as volatility and geopolitical risks reshape investor sentiment.
When U.S. President Donald Trump returned to office last year, he launched a crusade to shift the country away from renewable energy, drastically undoing the climate-friendly policies of his Democratic predecessor to focus instead on oil and other fossil fuels as the answer to his goal of American energy dominance.