Rising geo-political tensions and a tightening global supply outlook is supporting crude oil. The strength comes even as the dollar is higher, being supported by risk aversion. Syria and North Korea concerns and terror attacks on innocent Coptic Christians in Egypt is raising concerns of conflict that could impact oil supply.
Oil prices hit a one-month high on Friday after the United States fired missiles at a Syrian government airbase, sending shockwaves through global markets and raising concerns that the conflict could spread in the oil-rich region.
For crude oil, we saw a big spike, but eased back as the market is thinking that the message has been sent and there may be no more immediate action. Still, with a tightening global oil supply picture, we will see increased geo-political volatility.
The Canadian dollar will weaken over the coming months, pressured by an uncertain economic outlook and the prospect of higher interest rates in the United States even as the Bank of Canada stays on the sidelines, a Reuters poll showed.
Is Speaker of the House Paul Ryan the new doctor of doom? Once again, the speaker of the house changed the markets course just by opening his mouth. The last time was March 22 when the speaker raised concerns about the ability to get the American Health Care Act (or AHCA) through the so-called Freedom Caucus, causing the biggest sell-off of the year up to that point.
Producers of liquefied natural gas (LNG) have shot themselves in the foot with oversupply, and face calls for flexibility and greater competition from other fuels that may force them to take more risks and start trading just like other commodity dealers.
Oil hit a one-month high near $55 a barrel on Wednesday as a fall in U.S. crude inventories raised hopes OPEC-led supply cuts were clearing a glut, while an outage at the largest UK North Sea oilfield lent support.