Demand is the ‘wildcard' for oil prices as supply increases, expert says
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Calgary Herald
3 hours ago
- Calgary Herald
Oil dips as focus shifts to Zelenskyy meet after Putin summit
Article content (Bloomberg) — Oil slipped as traders turned their attention to Donald Trump's meeting with Volodymyr Zelenskiy on Monday, with the Ukrainian leader facing US pressure to reach a peace deal with Russia that involves ceding territory. Article content Brent was below $66 a barrel after closing 1.5% lower in the previous session, while West Texas Intermediate was under $63. In a show of support, European leaders including European Commission President Ursula von der Leyen, French President Emmanuel Macron, and NATO Secretary General Mark Rutte, will join the high stakes meeting in Washington with Trump and Zelenskiy. Article content Article content Article content The US president said after his talks with Vladimir Putin in Alaska on Friday that he'll urge Zelenskiy to make a quick deal, and sounded receptive to the Russian leader's demand that Ukraine give up large swathes of land. Article content Article content Prior to the Putin meeting, Trump told allies that reaching a ceasefire would be his key demand, and threatened to walk out of the talks and impose tough new measures on Moscow and countries buying its oil if it wasn't met. On Friday, the US president signaled he was in no hurry to implement penalties. Article content Talks around seeking a resolution to the Ukraine war have injected uncertainty into the market, and led to oil trading in a narrow range recently. Still, futures are down more than 10% this year on concerns around the fallout from Trump's trade policies and as OPEC+ rapidly returns idled barrels to the market. Article content
CTV News
a day ago
- CTV News
Stellantis layoffs impact about 100 Windsor workers
Stellantis has laid off about 100 workers at the Windsor Assembly Plant ahead of its summer shutdown. A spokesperson for the auto giant confirmed to CTV News that notices were issued to a 'small number of employees' on Friday. 'The layoffs are based on seniority and are a result of regular volume adjustments at the plant,' said LouAnn Gosselin. Production at the plant is being idled over the next two weeks for a regular vacation period. While the company did not disclose the number of employees affected by the layoffs, Unifor Local 444 stated that approximately 100 people were impacted. The union is working to find employment opportunities for the affected workers. 'The plant is going through their productivity period and, along with some other changes in production, has found itself slightly overstaffed,' said James Stewart, the union's president. 'Our in-plant representatives will be working to find opportunities for this junior group of workers and get them returned to employment status as quickly as possible.' In recent months, auto workers, particularly those in Windsor, have faced turbulent times marked by alternating layoffs and plant shutdowns.
The Market Online
2 days ago
- The Market Online
@ the Bell: Markets steady amid global tensions and mixed economic signals
Commodity prices remained turbulent as Canada's main stock index stabilized on Friday, but still unable to recover from losses in the previous session. Market focus shifted toward a high-stakes summit between the US and Russia aimed at negotiating an end to the war in Ukraine. Optimism around potential Federal Reserve rate cuts helped keep Canadian stocks on track for a positive weekly finish. Meanwhile, oil prices declined amid growing concerns over fuel demand, triggered by underwhelming economic data from both the US and China. In the US, stock performance was mixed on Friday as Wall Street prepared to close out another week of gains. Intel (NASDAQ:INTC) shares rose nearly 3 per cent following a Bloomberg report suggesting the Trump administration is considering a government stake in the company. The Canadian dollar traded for 72.40 cents US compared to 72.42 cents US on Thursday. US crude futures traded $0.84 lower at US$63.12 a barrel, and the Brent contract lost $0.72 to US$66.12 a barrel. The price of gold was up $0.37 to US$3,338.48. In world markets, the Nikkei was up 729.05 points to ¥43,378.31, the Hang Seng was down 249.25 points to HK$25,270.07, the FTSE was down 38.34 points to ₤9,138.90, and the DAX was down 18.20 points to €24,359.30. Stockhouse does not provide investment advice or recommendations. All investment decisions should be made based on your own research and consultation with a registered investment professional. The issuer is solely responsible for the accuracy of the information contained herein. For full disclaimer information, please click here .
