Oil slips from highest since December ahead of OPEC+ supply move
BNN Bloomberg
Oil edged lower from the highest level this year after a surge driven by supply cuts from OPEC+ that have tightened the market.
Global benchmark Brent slipped below US$89 a barrel as a risk-off sentiment was prominent in other markets, including European equities. The dollar also climbed, making commodities priced in the currency less appealing.
Crude has rallied by about a quarter since late June as the impact of supply reductions — which have been led by Saudi Arabia and Russia — worked their way through the market. Riyadh and Moscow are expected to announce their next steps in the coming days, with the cuts expected to be extended.
Canada’s annual inflation rate slowed in February to 1.8 per cent, but many economists believe the new Statistics Canada data may be the dip before a spike driven by oil prices and the war in Iran.
Building or rebalancing your portfolio and wondering what investments to consider next? Here’s what leading experts featured on BNN Bloomberg say investors should consider adding and dropping from their portfolios today.
Canadian and U.S. stock markets gained ground on Wednesday as oil prices fell and tech stocks rose on both sides of the border.
Nvidia CEO CEO Jensen Huang has started his keynote at the chipmaker’s annual developer conference in San Jose, Calif., where he is set to detail its hardware and software plans.
Daily oil exports from the Middle Eastern Gulf, home to top exporter Saudi Arabia and other major producers, have dropped by at least 60 per cent in the week to March 15 compared to February due to disruptions and output cuts amid the U.S.-Iran war, according to shipping data and Reuters calculations.
Larry Berman says he can see a day in 2027 when the top 10 stocks in the S&P 500 are 50 per cent of the index similar to the Invesco QQQ Trust Series 1 (QQQ) today that seem destined to move significantly higher.
Top Picks from Teal Linde, Manager, Linde Equity Fund
Member countries of the International Energy Agency could release more oil into the market later “as and if needed” after they have already agreed the largest-ever reserve release, Executive Director Fatih Birol said on Monday.
Oil prices are down, and stocks are up Monday, though such moves have been quick to reverse since the war in Iran began.
Statistics Canada says the annual rate of inflation dipped below two per cent in February as the end of last year’s federal “tax holiday” helped take some steam out of the yearly price comparisons.
Middle Eastern sovereign wealth funds and state-backed companies are unlikely to scale back renewable energy investments in Africa despite disruptions from the Iran war, analysts say, given the strong long-term economic and strategic reasons driving such funding.
Crude oil stayed above US$100 a barrel on Monday and Gulf countries reported more attacks by Iran as the war entered its third week, while share prices were mixed.
Representatives from Beijing and Washington began their economic and trade talks in Paris on Sunday, Chinese official news agency Xinhua reported.