Oil extended losses at the start of the week as traders weighed concerns about Chinese demand and the prospect for more Iranian supply.
West Texas Intermediate dropped near US$88 a barrel, falling as much as 4.3 per cent, with markets selling off as China’s surprise cut in key interest rates boosts support for an economy hit by virus lockdowns and property woes. The nation’s apparent oil demand last month was about 10 per cent lower year-on-year.
After over a year of stalled and cancelled talks, a nuclear deal with Iran looks more likely on Monday. A spokesperson for the Iranian foreign ministry said there could be a basis for a signed agreement “in the very near future,” while Foreign Minister Hossein Amirabdollahian said in a separate briefing that the country would inform the European Union tonight of it’s position while striking a more conciliatory tone than in recent months.
Crude has ticked lower over the past couple of months on concerns about an economic slowdown, shedding all the gains put on following Russia’s invasion of Ukraine. Money managers have cut their bullish bets on WTI to the lowest in over two years, according to the Commodity Futures Trading Commission.
Canada Latest News, Canada Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Coast Guard responds to small oil spill near San Juan IslandThe U.S. Coast Guard is responding to a diesel spill off the west coast of Washington state's San Juan Island after a 15-meter fishing vessel sank with an estimated 9,854 litres of fuel on board.
Read more »
Sunken fishing boat off San Juan Island creates oil sheen, concern for resident orcasThe 49\u002Dfoot boat went down west of Sunset Point with an estimated 9,800 litres of diesel and oil on board: U.S. Coast Guard
Read more »
Diesel, stove and furnace oil seeing jump in price in unexpected change Aug. 13 | SaltWireST. JOHN'S, N.L. — Diesel and oil will see an unexpected jump in price during the morning of Saturday, Aug. 13. The board of commissioners announced the ...
Read more »
Sunken boat creates spill in San Juans, concern for resident orcas49-foot boat goes down west of Sunset Point, near Sidney, with about 9,800 litres of diesel and oil on board
Read more »
Varcoe: New CAPP president takes over helm during a complicated energy conversationThese are complicated times for the country’s oil and gas industry, and for the new head of the Canadian Association of Petroleum Producers.
Read more »