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Oil prices post biggest weekly gain since August

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Oil prices rose slightly on Friday and posted their biggest weekly gain since late August, with market sentiment buoyed by easing concerns over the Omicron coronavirus variant’s impact on global economic growth and fuel demand.

The Brent and U.S. West Texas Intermediate (WTI) crude benchmarks each posted gains of about 8% this week, their first weekly gain in seven, even after a brief bout of profit-taking.

Brent futures settled up 73 cents, or 1%, at $75.15 a barrel, after falling 1.9% on Thursday.

WTI rose 73 cents, or 1%, to $71.67 after sliding 2% in a volatile session the previous day.

“Oil traders are coming out of their shell-shock and feeling more bullish as they recalibrate their demand expectations in the aftermath of the Omicron variation of the coronavirus,” said Phil Flynn, senior analyst price futures group in Chicago.

U.S. consumer prices rose further in November to produce the largest year-on-year rise since 1982, government data showed, adding to bullish sentiment on oil demand.

Earlier in the week the oil market had recovered about half the losses suffered since the Omicron outbreak on Nov. 25, with prices lifted by early studies suggesting that three doses of Pfizer’s COVID-19 vaccine offers protection against the Omicron variant.

“The oil market has thus rightly priced out the ‘worst-case scenario’ again, but it would be well-advised to leave a certain residual risk to oil demand in place,” said Commerzbank analyst Carsten Fritsch.

Keeping a lid on prices are faltering domestic air traffic in China, owing to tighter travel restrictions, and weaker consumer confidence after repeated small outbreaks.

Ratings agency Fitch downgraded property developers China Evergrande Group and Kaisa Group, saying they had defaulted on offshore bonds.

That reinforced fears of a potential slowdown in China’s property sector, as well as the broader economy of the world’s biggest oil importer.

(Additional reporting by and Shadia Nasralla in London, Sonali Paul in Melbourne and Muyu Xu in BeijingEditing by David Goodman and Edmund Klamann)

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RCMP arrest second suspect in deadly shooting east of Calgary

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EDMONTON – RCMP say a second suspect has been arrested in the killing of an Alberta county worker.

Mounties say 28-year-old Elijah Strawberry was taken into custody Friday at a house on O’Chiese First Nation.

Colin Hough, a worker with Rocky View County, was shot and killed while on the job on a rural road east of Calgary on Aug. 6.

Another man who worked for Fortis Alberta was shot and wounded, and RCMP said the suspects fled in a Rocky View County work truck.

Police later arrested Arthur Wayne Penner, 35, and charged him with first-degree murder and attempted murder, and a warrant was issued for Strawberry’s arrest.

RCMP also said there was a $10,000 reward for information leading to the arrest of Strawberry, describing him as armed and dangerous.

Chief Supt. Roberta McKale, told a news conference in Edmonton that officers had received tips and information over the last few weeks.

“I don’t know of many members that when were stopped, fuelling up our vehicles, we weren’t keeping an eye out, looking for him,” she said.

But officers had been investigating other cases when they found Strawberry.

“Our investigators were in O’Chiese First Nation at a residence on another matter and the major crimes unit was there working another file and ended up locating him hiding in the residence,” McKale said.

While an investigation is still underway, RCMP say they’re confident both suspects in the case are in police custody.

This report by The Canadian Press was first published Sept. 13, 2024.

The Canadian Press. All rights reserved.

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26-year-old son is accused of his father’s murder on B.C.’s Sunshine Coast

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RICHMOND, B.C. – The Integrated Homicide Investigation Team says the 26-year-old son of a man found dead on British Columbia’s Sunshine Coast has been charged with his murder.

Police say 58-year-old Henry Doyle was found badly injured on a forest service road in Egmont last September and died of his injuries.

The homicide team took over when the BC Coroners Service said the man’s death was suspicious.

It says in a statement that the BC Prosecution Service has approved one count of first-degree murder against the man’s son, Jackson Doyle.

Police say the accused will remain in custody until at least his next court appearance.

The homicide team says investigators remained committed to solving the case with the help of the community of Egmont, the RCMP on the Sunshine Coast and in Richmond, and the Vancouver Police Department.

This report by The Canadian Press was first published Sept. 13, 2024.

The Canadian Press. All rights reserved.



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Metro Vancouver’s HandyDART strike continues after talks break with no deal

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VANCOUVER – Mediated talks between the union representing HandyDART workers in Metro Vancouver and its employer, Transdev, have broken off without an agreement following 15 hours of talks.

Joe McCann, president of Amalgamated Transit Union Local 1724, says they stayed at the bargaining table with help from a mediator until 2 a.m. Friday and made “some progress.”

However, he says the union negotiators didn’t get an offer that they could recommend to the membership.

McCann says that in some ways they are close to an agreement, but in other areas they are “miles apart.”

About 600 employees of the door-to-door transit service for people who can’t navigate the conventional transit system have been on strike since last week, pausing service for all but essential medical trips.

McCann asks HandyDART users to be “patient,” since they are trying to get not only a fair contract for workers but also a better service for customers.

He says it’s unclear when the talks will resume, but he hopes next week at the latest.

The employer, Transdev, didn’t reply to an interview request before publication.

This report by The Canadian Press was first published Sept. 13, 2024.

The Canadian Press. All rights reserved.

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