Oil steadies after big drop in U.S. stockpiles boosts optimism
BNN Bloomberg
Oil steadied near US$69, with prices tussling between a hawkish rate outlook from central banks and a decline in US crude stockpiles.
West Texas Intermediate rose 0.446 per cent after closing 2.8 per cent higher in the previous session. U.S. Federal Reserve Chair Jerome Powell said at least two interest-rate increases are likely necessary this year to keep bringing inflation lower, the latest central bank commentary suggesting further tightening to come.
U.S. crude inventories shrunk by 9.6 million barrels last week, the largest draw in more than a month, according to the Energy Information Administration. Gasoline demand also surged to the highest since 2021.
The U.S. benchmark is still on track for its first back-to-back quarterly decline since 2019 as China’s lackluster economic recovery and aggressive monetary tightening by the Federal Reserve weighed on prices. Supply has also been plentiful, bolstered by resilient exports from Russia, despite sanctions.
U.S. stocks are sinking Wednesday after a discouraging report said inflation was primed to worsen, even before the war with Iran sent oil prices spiking.
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.
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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.
Every year, billions of dollars in tax credits and benefits go unclaimed in Canada. Here are five commonly missed tax
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.
Every year, billions of dollars in tax credits and benefits go unclaimed in Canada. Here are five commonly missed tax
Oil prices resumed their rise on Tuesday because of the war with Iran, but U.S. stocks held steadier this time around.