Oil rises toward US$94 as tightening market vies with hawkish U.S. Fed
BNN Bloomberg
Oil edged higher toward US$94 a barrel, capping a tumultuous week that saw the Federal Reserve flagging a further rise in U.S. interest rates this year and Russia ban diesel exports.
Brent futures were up 0.6 per cent, little changed from a week earlier. The Fed signaled borrowing costs will stay higher for longer, boosting the dollar and dimming the allure of commodities including crude. Technicals had also been indicating that oil's gains were overdone.
Still, there are plenty of signs of tightness in the physical market. Russia announced a temporary ban on diesel and gasoline exports on Thursday, lifting fuel prices. In addition, U.S. crude stockpiles posted another decline, and oil's backwardated timespreads point to strong competition for near-term supplies.
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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.
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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.