Oil rallies as U.S. demand revives, easing concerns of a slowdown
BNN Bloomberg
Oil rebounded from several days of declines after a bullish U.S. stockpile report eased concerns that an economic slowdown is blunting demand.
West Texas Intermediate futures rose 1.8 per cent to settle above US$88 a barrel after earlier falling to a seven-month low. Crude rallied after a US government tally Wednesday showed inventories dropped by 7.06 million last week while exports rose to a record. The bullish report halted a three-day slide magnified by negotiations to revive a nuclear deal with Iran showed progress and China’s worsening economic outlook.
“A very bullish EIA crude oil report eased global recession fears and reminded energy traders on how limited spare capacity there is for oil markets,” said Ed Moya, senior market analyst at Oanda.
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.
Jay Allen is a fan of U.S. President Donald Trump, and voted for him on the belief that the Republican would cut taxes and trim regulations, helping his manufacturing business in northeast Arkansas.
Shares advanced Wednesday in Europe and Asia as oil prices fell back slightly despite a barrage of attacks by Iran on its Gulf neighbours.
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Oil prices resumed their rise on Tuesday because of the war with Iran, but U.S. stocks held steadier this time around.
Oil prices above $100 add pressure on inflation and growth, complicating rate decisions for central banks.
Closing arguments are set to kick off Tuesday in a trial pitting Elon Musk against Twitter shareholders who say the world’s richest man engaged in a pattern of deceptive behavior that misled investors as he attempted to back out of his US$44-billion deal to buy the social media platform in 2022.
Markets in Canada and the U.S. were up in late-morning trading on Tuesday despite the ongoing war in Iran.