Oil steadies near US$96 amid surging inflation and slowing demand
BNN Bloomberg
Oil ended the day little changed after a volatile session in which the latest US inflation report and data showing high prices hitting US fuel demand roiled prices.
West Texas Intermediate crude futures eked out a small gain to settle above US$96 a barrel. Government figures showing the highest inflation in decades and an unseasonable drop in gasoline demand capped market strength. US gasoline demand tumbled last week to 8.06 million barrels a day, lower than same week in 2020 and the lowest seasonally since 1996, according to the Energy Information Administration.
US consumer prices jumped in June by 9.1 per cent year-on-year, the largest gain in over four decades. Market participants fear the report will keep the Federal Reserve geared for another big interest-rate hike and lead to possible economic slowdown.
“The oil market might be tight, but high energy costs are clearly leading to crude demand destruction,” said Ed Moya, senior market analyst at Oanda Corp.
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.
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.
A cautious relief swept through financial markets Monday after President Donald Trump said the United States has talked with Iran about a possible end to their war.
A pipeline leak in Sarnia, Ont., has been located more than a week after a sheen reportedly turned up on the St. Clair River.
U.S. President Donald Trump on Monday said the U.S. was talking with a “respected” Iranian leader and claimed the Islamic Republic was eager for a deal to end the war. He also extended a deadline for Iran to reopen the crucial Strait of Hormuz or face attacks on its power plants, saying it has an additional five days.
Berkshire Hathaway, the conglomerate built by Warren Buffett, is buying a 2.49 per cent stake in Japanese insurer Tokio Marine Holdings for about US$1.8 billion as part of a new strategic partnership, deepening its financial commitment to Japan.
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.
Jurors wade through daunting evidence in high-stakes Meta trial about social media risks to children
A stream of testimony and evidence has been presented in a New Mexico case exploring what Meta knew about the effects of its platforms on children.