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Oil Holds Advance as Traders Wait for Next OPEC+ Moves on Supply – Yahoo Finance
(Bloomberg) — Oil traded near the highest level this year after a surge driven by supply cuts from OPEC+ that have tightened the market.
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Global benchmark Brent was little changed below $89 a barrel after a five-day advance that lifted futures by more than 5%. US crude counterpart West Texas Intermediate, meanwhile, held close to $86 a barrel.
Crude has rallied by about a quarter since late June as the impact of the supply reductions — which have been led by Saudi Arabia and Russia — worked their way through the market. Riyadh and Moscow are expected to announce their next steps in the coming days, with the cuts expected to be extended.
“The three rounds of production cuts by Saudi Arabia and its OPEC+ partners since September 2022 fully explain the return to a large deficit,” Goldman Sachs Group Inc. analysts including Daan Struyven said in a note, estimating the shortfall at 2.3 million barrels a day this quarter. “The return to deficits, in turn, largely explains the summer rally in timespreads and oil prices.”
Brent’s prompt spread — the gap between its two nearest contracts — has hit 75 cents a barrel in backwardation, up from 58 cents a week ago. That’s a bullish pattern in which near-term prices command a premium to those further out.
The broadly bullish mood has been reflected in comments at the APPEC conference by S&P Global Commodity Insights, which is being held over three days in Singapore this week. Commodities trader Trafigura Group said oil prices could spike as higher interest rates and underinvestment squeeze the market.
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–With assistance from Yongchang Chin.
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Health Canada has given its stamp of approval to Pfizer-BioNTech Comirnaty’s new COVID-19 vaccine that targets the Omicron XBB.1.5 subvariant.
The health department says it received Pfizer-BioNTech’s submission on June 29, 2023 and decided to authorize the shot’s use for individuals aged six months and older after “a thorough and independent review of the evidence.”
Health Canada says the vaccine is authorized as a one-dose vaccine for individuals five years of age and older, regardless of their COVID-19 vaccination history.
Infants and children between six months and less than five years of age, who have not previously received a complete COVID-19 primary series, should receive three doses. If they have completed a primary series, officials say they should receive one dose.
Moderna’s COVID-19 vaccine targeting the Omicron XBB.1.5 subvariant was authorized(opens in a new tab) by Health Canada earlier this month.
The department says it’s currently reviewing a submission from Novavax for its COVID-19 vaccine targeting the Omicron XBB.1.5 subvariant for people 12 years of age and older.
The National Advisory Committee on Immunization (NACI) is anticipated to provide guidance on the rollout of the newly approved COVID-19 vaccines in the coming months.
“Canada will have ample supply of the new formulation of mRNA vaccines available in fall 2023,” Health Canada said in a news release Thursday.
“Vaccination continues to be one of the most effective ways to protect ourselves against COVID-19. Evidence indicates that vaccines approved for use in Canada are effective at preventing severe illness, hospitalization and death from COVID-19.”
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