Oil price news: Oil swings as market awaits fresh signals on supply and demand
BNN Bloomberg
Oil fluctuated on Monday as traders await fresh clues about global supply and demand balances.
Oil fluctuated on Monday as traders await fresh clues about global supply and demand balances.
Brent traded above US$81 a barrel after shedding more than 2 per cent last week, with West Texas Intermediate near $76. Participants at International Energy Week in London, a major industry gathering, are set to weigh the outlook for oil this week, while U.S. inflation data will shape expectations for when the Federal Reserve will start cutting interest rates.
In wider markets, a gauge of the U.S. currency was steady, while most other commodities including copper were weaker.
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Oil tankers are crossing the Strait of Hormuz and Iran’s actions to choke traffic through the shipping route have not hurt the U.S. economy, White House economic adviser Kevin Hassett told CNBC on Tuesday, reiterating the Trump administration’s position that the war should be over in weeks, not months.
Canada’s annual inflation rate slowed in February to 1.8 per cent, but many economists believe the new Statistics Canada data may be the dip before a spike driven by oil prices and the war in Iran.
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Daily oil exports from the Middle Eastern Gulf, home to top exporter Saudi Arabia and other major producers, have dropped by at least 60 per cent in the week to March 15 compared to February due to disruptions and output cuts amid the U.S.-Iran war, according to shipping data and Reuters calculations.
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Member countries of the International Energy Agency could release more oil into the market later “as and if needed” after they have already agreed the largest-ever reserve release, Executive Director Fatih Birol said on Monday.
Oil prices are down, and stocks are up Monday, though such moves have been quick to reverse since the war in Iran began.
Statistics Canada says the annual rate of inflation dipped below two per cent in February as the end of last year’s federal “tax holiday” helped take some steam out of the yearly price comparisons.