Oil's Saudi-driven rally erased by persistent demand fears
BNN Bloomberg
Oil fell as persistent economic uncertainty weighs on the outlook for demand, erasing a short-lived surge that followed Saudi Arabia’s surprise pledge to cut more production.
West Texas Intermediate settled Tuesday at the same closing price on Friday, effectively reversing the gain engineered by the Saudis with their weekend announcement. Brent also fell, settling just a few cents above Friday.
Saudi Arabia’s production cuts “will take some supply off the market, but demand will need to continue to rise if we are to see much higher prices,” said Dennis Kissler, senior vice president of trading at BOK Financial Securities.
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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Global oil prices will continue to rise as the war in the Middle East continues and the Strait of Hormuz remains inaccessible, according to an energy expert.
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.
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.
Another climb for oil prices sent the U.S. stock market sharply lower, as hopes collapsed for a possible cut to interest rates by the Federal Reserve.
Global oil prices will continue to rise as the war in the Middle East continues and the Strait of Hormuz remains inaccessible, according to an energy expert.
Global oil prices will continue to rise as the war in the Middle East continues and the Strait of Hormuz remains inaccessible, according to an energy expert.
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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.