Oil slips as bearish signals compound despite Putin's escalation
BNN Bloomberg
Oil erased gains ahead of a U.S. Federal Reserve meeting that is expected to signal a continuation of measures to restrain economic growth, overshadowing Russia’s threat to escalate a war that is disrupting energy supplies.
West Texas Intermediate fell below US$84 Wednesday, reversing an earlier rise to over US$86 a barrel fed by Vladimir Putin’s call for substantially more troops. Broader equity markets are in wait-and-see mode as the central bank is expected to raise interest rates by 75 basis points. Such a move could trigger an economic recession and depress oil demand, which is already showing signs of slowing down.
US crude stockpiles rose last week, while diesel demand fell to the lowest seasonal point in a decade. The drop comes when consumption typically picks up. A counterseasonal decline for demand, which is often seen as a proxy for economic activity, suggests that soaring inflation is hitting the industries that are powered by the fuel.
“Macro markets are definitely the elephant in the room right now with rates and the dollar really keeping a lid on crude rallies,” said Rebecca Babin, a senior energy trader at CIBC Private Wealth Management.
Canadian officials spoke to Trump administration representatives about a proposed revival of part of the canceled Keystone XL oil pipeline in a meeting in Houston this week, Canada’s Natural Resources Minister Tim Hodgson said Tuesday.
Oil above US$100 is adding pressure on equities as geopolitical risks and uncertainty over inflation and growth cloud the outlook.
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The chief executive of National Bank of Canada says he’s not changing the bank’s strategy because of the war in the Middle East, but he is urging a faster response from Canada to rising threats abroad.
With airstrikes still battering Iran and missiles still targeting sites across the Middle East, some of the optimism that sent stocks rallying the day before drained out of Wall Street on Tuesday. Oil prices got back to rising, and U.S. stocks are returning some of their gains.
A large explosion at an oil refinery near the Texas coast shot plumes of smoke into the air and forced nearby residents to shelter in place, officials said.
Oil prices rise and stocks fall as war with Iran still advances despite Trump’s talk of negotiations
U.S. markets ticked slightly lower and oil prices rose early Tuesday as the war in the Middle East continued a day after U.S. President Donald Trump said the United States had made progress in talks with the Islamic Republic to end the conflict.
U.S. markets ticked slightly lower and oil prices rose early Tuesday as the war in the Middle East continued a day after U.S. President Donald Trump said the United States had made progress in talks with the Islamic Republic to end the conflict.
Bank of Montreal said on Tuesday it plans to roll out tokenized cash capabilities in collaboration with CME Group and Google Cloud, as it seeks to meet rising demand for real‑time payments amid a global shift toward around‑the‑clock trading.
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.
