Business
Oil holds loss on signs of supply rebound as demand woes linger
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Oil held a modest decline on signs that supply is rebounding while concerns linger about demand in China, the biggest importer.
West Texas Intermediate futures for October traded near US$80 a barrel, after falling 0.7 per cent on Monday. Observed exports from Iran have surged to 2.2 million barrels a day this month, and there has been a sudden flurry of talks between Turkey and Iraq as those countries seek to restart a major oil pipeline.
A rally in crude that started in late June has faltered over the last couple of weeks, with futures back to where they were at the start of the year. Efforts by OPEC+ linchpins Saudi Arabia and Russia to curb production have tightened the market. However, the demand outlook in China is clouded, and there are signs US interest rates will need to stay higher for longer to rein in inflation.
“Call it recession fears, economic headwinds or demand worries, they have been successfully countered by the OPEC+ group supply management strategy,” said Tamas Varga, an analyst at brokerage PVM. “Whilst the oil balance could obviously deteriorate, currently there is no reason to believe that global oil consumption would approach, let alone fall below supply.”
Prices:
- WTI for September delivery declined 0.2 per cent to US$80.58 a barrel at 10:23 a.m. in London.
- September futures expire Tuesday. The more-active October contract was littled changed at US$80.18.
- Brent for October settlement was steady at US$84.46 a barrel.
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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.”
Canada's economy was flat in July, new GDP numbers from Statistics Canada show – CBC News
David Hockney: Ceramic cat gifted by hitchhiking art student to be sold – BBC
India-Canada news: Blinken meets Indian foreign minister – CTV News
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