Oil steadies after slumping last week on global demand fears
BNN Bloomberg
Oil steadied after slumping almost six per cent last week as shrinking refining margins in Asia added to warning signs on the outlook for global demand.
West Texas Intermediate traded near US$78 a barrel after dropping last week by the most since the banking crisis in March. Diesel and gasoline markets in Asia are slumping, leading some refiners to consider reducing operations. Still, China's Golden Week holiday could spur increased jet fuel consumption from this weekend as travelers return to the skies.
“Concerns that the global economy is slowing down and that oil demand will consequently take a hit are at the forefront of investors' minds,” said Stephen Brennock, an analyst at PVM Oil Associates Ltd.
Gold seen as overbought as Iran tensions ease, with falling oil prices lifting stocks and shifting investor sentiment toward risk assets.
Stock markets in Canada and the U.S. rallied after President Donald Trump said the United States has talked with Iran about a possible end to the war.
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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.
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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.