Oil steady after year’s biggest rally as Iraq spat curbs exports
BNN Bloomberg
Oil steadied after its biggest rally of the year as a disagreement between Iraq and its Kurdish region curtailed exports, while fears over a fallout from the banking crisis receded.
West Texas Intermediate futures traded near US$73 a barrel after jumping more than 5 per cent on Monday in the steepest surge since October. A legal dispute between Iraq, its semi-autonomous region of Kurdistan and Turkey has halted around 400,000 barrels a day of flows from Ceyhan port.
“The Iraq dispute has given support to prices, but it’s ultimately helped push a ball that was already rolling,” said Ole Sloth Hansen, head of commodity strategy at Saxo Bank. “Sentiment in the market has been improving as the banking crisis fades.”
The federal government announced intentions to raise the inclusion rate on capital gains taxes for corporations and individuals earning beyond a certain threshold, which will impact wealthy individuals who are benefiting from tax advantages not available to middle class Canadians, according to the Budget 2024.