Oil swings with recession fears, Iran talks dominating market
BNN Bloomberg
Oil pared early losses on Wednesday after China signaled it would take steps to boost a flagging economy, as traders awaited further news about the potential resumption of the Iran nuclear deal.
West Texas Intermediate futures edged higher to US$86.91 a barrel after dropping to a fresh seven-month low, while Brent continues to trade above US$92 a barrel.
China’s Premier Li Keqiang has urged more pro-growth measures, while US industrial data beat estimates on Tuesday. Still, concerns over global economic growth and its consequent effect on oil demand remain pervasive. Discussions over a revived nuclear deal with Iran are progressing, with the European Union viewing Iran’s response as constructive.
“Recession fears are the main driver along with the lack of liquidity - we’ve seen traders, fund managers, speculators all pulling out,” Luke Longhurst, head of fuel at brokers Freight Investor Services said by phone.
U.S. crude stocks rose while gasoline and distillate inventories fell last week, the Energy Information Administration said on Wednesday.
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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.
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Oil prices resumed their rise on Tuesday because of the war with Iran, but U.S. stocks held steadier this time around.
Oil prices above $100 add pressure on inflation and growth, complicating rate decisions for central banks.
Closing arguments are set to kick off Tuesday in a trial pitting Elon Musk against Twitter shareholders who say the world’s richest man engaged in a pattern of deceptive behavior that misled investors as he attempted to back out of his US$44-billion deal to buy the social media platform in 2022.
Markets in Canada and the U.S. were up in late-morning trading on Tuesday despite the ongoing war in Iran.
St. Patrick’s Day will test restaurant bar sales as Canadians drink less, with declining consumption and shifting habits weighing on industry revenues.
New York Stock Exchange-parent Intercontinental Exchange said on Tuesday it has launched a product to bring greater transparency to the private credit market, an asset class beleaguered by heightened investor concerns.