Oil rallies after U.S. GDP growth eases recession, demand concerns
BNN Bloomberg
Oil held onto gains even as Wall Street fluctuated after U.S. economic data showed an economic rebound last quarter, easing recession fears and bolstering the demand outlook.
West Texas Intermediate futures traded as high as US$89.79 after U.S. government estimates showed gross domestic product growth at a 2.6 per cent annualized rate. The uptick brightens the demand outlook for crude as it eases recession concerns prompted by a falling GDP for the first two quarters of this year.
“This GDP number is solid, just solid,” said John Kilduff, founding partner at Again Capital. “A lot of folks were trying to make a recession call and it’s obvious that we’re not in it.”
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Markets in Canada and the U.S. continued to trade lower while oil went up late morning on Friday as inflationary fears prevailed among investors.
Gold prices fell by 1.8 per cent on Friday as the dollar strengthened on a report that the United States will deploy extra troops in the Middle East, fanning concerns of higher oil prices, inflation, and with it, elevated interest rates.
Canada’s federally backed farm lender is offering financial aid to farmers, agricultural businesses and food companies hit by the spike in fertilizer and energy prices, it said on Friday.
Statistics Canada says retail sales were up 1.1 per cent at $70.7 billion in January, led by sales at motor vehicle and parts dealers.
As Qatar reels from an Iranian attack that has hobbled its giant natural gas company, its boss, who doubles as the country’s energy minister, says he had warned officials and executives of just such a danger should Iran’s own sites be hit.
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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.