Oil rallies above US$85 as traders bet on potential opec+ cuts
BNN Bloomberg
Oil rose again following its biggest one-day gain since May as the market looked to OPEC+ to deliver a substantial cut in supply.
West Texas Intermediate climbed above US$85 a barrel after rallying by more than 5 per cent on Monday. The Organization of Petroleum Exporting Countries and its allies including Russia will consider reducing output by more than 1 million barrels a day when they meet on Wednesday, according to delegates. On Tuesday, Saudi Aramco’s chief executive officer warned that the global oil market’s spare capacity is extremely low.
“If they don’t do anything, the prices will slide to $80 or lower, the market is bearish,” Fereidun Fesharaki, founder and chairman of FGE, told Bloomberg Television in an interview. “They have to do something, they have no choice. They want to protect something, which is about $90” a barrel, he said.
The OPEC+ meeting will force the group to decide whether supply is currently too generous given concerns about global oil demand, Vitol Group Chief Executive Officer Russell Hardy said at the Energy Intelligence Forum in London. The demand side of the oil market is clearly a concern at the moment.
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.
Gold seen as overbought as Iran tensions ease, with falling oil prices lifting stocks and shifting investor sentiment toward risk assets.
Stock markets in Canada and the U.S. rallied after President Donald Trump said the United States has talked with Iran about a possible end to the war.
A cautious relief swept through financial markets Monday after President Donald Trump said the United States has talked with Iran about a possible end to their war.
A pipeline leak in Sarnia, Ont., has been located more than a week after a sheen reportedly turned up on the St. Clair River.
U.S. President Donald Trump on Monday said the U.S. was talking with a “respected” Iranian leader and claimed the Islamic Republic was eager for a deal to end the war. He also extended a deadline for Iran to reopen the crucial Strait of Hormuz or face attacks on its power plants, saying it has an additional five days.
Berkshire Hathaway, the conglomerate built by Warren Buffett, is buying a 2.49 per cent stake in Japanese insurer Tokio Marine Holdings for about US$1.8 billion as part of a new strategic partnership, deepening its financial commitment to Japan.
Relief is ripping through financial markets after U.S. President Donald Trump said the United States has talked with Iran about a possible end to their war, despite Iran’s denials.
Asset management giant BlackRock’s CEO Larry Fink urged clients to stay invested despite ongoing market volatility, and highlighted that artificial intelligence is reshaping investment strategies and the broader economy.
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