LONDON (Reuters) – Oil rose towards $46 a barrel on Wednesday, gaining for a third day, supported by a report that U.S. crude inventories fell and as surveys showing stronger manufacturing raised hopes of an economic recovery from the coronavirus pandemic.
U.S. crude stocks fell by 6.4 million barrels, the American Petroleum Institute (API) said, more than forecast. [API/S] Manufacturing surveys around the world showed expanding activity in August, although the outlook remains shaky.
Brent crude , the global benchmark, was up 31 cents, or 0.7%, at $45.89 a barrel as of 1220 GMT, climbing for a third day. U.S. West Texas Intermediate rose 28 cents, or 0.7%, to $43.04.
“Market players are currently riding a wave of optimism, though it could come crashing down at any moment,” said Stephen Brennock of oil broker PVM.
U.S. crude inventories were forecast to fall by 1.9 million barrels.
The U.S. government’s Energy Information Administration issues its official figures at 1430 GMT, which will be scrutinised to see if they confirm the API’s numbers. [EIA/S]
The EIA figures “may provide some short-term volatility but are unlikely to provide enough impetus to break oil out of its recent trading ranges,” said Jeffrey Halley, analyst at broker OANDA.
Oil has recovered from historic lows hit in April, when Brent slumped to a 21-year low below $16 and U.S. crude went negative.
A record supply cut by the Organization of the Petroleum Exporting Countries and allies, a grouping known as OPEC+, has helped support prices.
The producers have begun to return some crude to the market as demand partially recovers and OPEC in August raised output by about 1 million barrels per day (bpd), a Reuters survey found on Tuesday. [OPEC/O]
(Additional reporting by Yuka Obayashi; editing by Louise Heavens and David Evans)
TORONTO – Strength in the base metal and technology sectors helped Canada’s main stock index gain almost 100 points on Friday, while U.S. stock markets also climbed higher.
The S&P/TSX composite index closed up 93.51 points at 23,568.65.
In New York, the Dow Jones industrial average was up 297.01 points at 41,393.78. The S&P 500 index was up 30.26 points at 5,626.02, while the Nasdaq composite was up 114.30 points at 17,683.98.
The Canadian dollar traded for 73.61 cents US compared with 73.58 cents US on Thursday.
The October crude oil contract was down 32 cents at US$68.65 per barrel and the October natural gas contract was down five cents at US$2.31 per mmBTU.
The December gold contract was up US$30.10 at US$2,610.70 an ounce and the December copper contract was up four cents US$4.24 a pound.
This report by The Canadian Press was first published Sept. 13, 2024.
OTTAWA – Statistics Canada says wholesale sales, excluding petroleum, petroleum products, and other hydrocarbons and excluding oilseed and grain, rose 0.4 per cent to $82.7 billion in July.
The increase came as sales in the miscellaneous subsector gained three per cent to reach $10.5 billion in July, helped by strength in the agriculture supplies industry group, which rose 9.2 per cent.
The food, beverage and tobacco subsector added 1.7 per cent to total $15 billion in July.
The personal and household goods subsector fell 2.5 per cent to $12.1 billion.
In volume terms, overall wholesale sales rose 0.5 per cent in July.
Statistics Canada started including oilseed and grain as well as the petroleum and petroleum products subsector as part of wholesale trade last year, but is excluding the data from monthly analysis until there is enough historical data.
This report by The Canadian Press was first published Sept. 13, 2024.
TORONTO – Canada’s main stock index was up more than 150 points in late-morning trading, helped by strength in the base metal and energy sectors, while U.S. stock markets were mixed.
The S&P/TSX composite index was up 172.18 points at 23,383.35.
In New York, the Dow Jones industrial average was down 34.99 points at 40,826.72. The S&P 500 index was up 10.56 points at 5,564.69, while the Nasdaq composite was up 74.84 points at 17,470.37.
The Canadian dollar traded for 73.55 cents US compared with 73.59 cents US on Wednesday.
The October crude oil contract was up $2.00 at US$69.31 per barrel and the October natural gas contract was up five cents at US$2.32 per mmBTU.
The December gold contract was up US$40.00 at US$2,582.40 an ounce and the December copper contract was up six cents at US$4.20 a pound.
This report by The Canadian Press was first published Sept. 12, 2024.
