Oil prices came off seven-week lows on Monday but remained under pressure after Japan said it was weighing releasing oil reserves and as the COVID-19 situation in Europe worsened, raising concerns about both oversupply and weak demand.
Brent lost 14 cents, or 0.2%, to $78.75 a barrel as of 0502 GMT and U.S. West Texas Intermediate (WTI) crude futures were down 4 cents at $75.90 a barrel.
The market is in a bit of a flux as strategic petroleum reserves (SPR) releases are not fully priced in yet, said an oil trader in Singapore.
WTI and Brent prices hit their lowest since Oct. 1 earlier in the session. They slumped around 3% on Friday, declining for the fourth straight week for the first time since March 2020.
Japanese Prime Minister Fumio Kishida signalled on Saturday he was ready to help combat soaring oil prices following a request from the United States to release oil from its emergency stockpile, in an unprecedented move.
Tokyo is exploring ways to bypass a law which permits the release of oil reserves only in cases of supply shortage or natural disasters.
The White House on Friday pressed the OPEC producer group again to maintain adequate global supply, days after U.S. discussions with some of the world’s biggest economies over potentially releasing oil from strategic reserves to quell high energy prices.
The combined SPR release could be 100 million to 120 million barrels or even higher, Citi analysts said in a note dated Nov. 19. This includes 45 million to 60 million barrels from the United States, about 30 million barrels from China, 5 million barrels from India and 10 million barrels each from Japan and South Korea, the bank estimated.
“If released over December and January, this could mean looser markets by some 1.5-2.0-m b/d. This would be against the backdrop of expected stock draws of 2.8-m b/d in Dec’21 and 0.5-m b/d in Jan’22 without any SPR release,” Citi said.
Further weighing on prices was possible renewed lockdowns in Europe as COVID-19 cases surged again. Germany warned on Friday it may need to move to a full lockdown after Austria said it would reimpose strict measures to tackle rising infections.
The worsening Europe COVID-19 situation and profit-taking among investors towards year-end added to uncertainties in the market, the trader said.
“Profit taking has turned into a rout on prices,” he said, adding that prices are likely to go sideways until January before heading higher.
Money managers cut their net long U.S. crude futures and options positions in the week to Nov. 16, the U.S. Commodity Futures Trading Commission said on Friday.
Investors were also watching developments in the Middle East after Saudi state media reported early on Monday the Saudi-led coalition fighting the Iran-backed Houthi movement in Yemen said it detected indications of an imminent danger to navigation and global trade south of the Red Sea. Brent, WTI crude futures monthly price spreads, https://fingfx.thomsonreuters.com/gfx/ce/gkplgdzokvb/Pasted%20image%201637549463985.png
(Reporting by Sonali Paul, Naveen Thukral and Florence Tan; Editing by Sam Holmes and Muralikumar Anantharaman)
First cases of COVID-19 discovered in Canadian wildlife – CTV News
The first cases of COVID-19 in Canadian wildlife have been discovered in three white-tailed deer, a press release from Environment and Climate Change Canada reports.
The National Centre for Foreign Animal Disease confirmed the detections on Nov. 29 but the deer were sampled between Nov. 6 to 8 in the Estrie region of Quebec. The deer showed no evidence of clinical signs of disease and were “all apparently healthy.”
“As this is the first detection of SARS-CoV-2 in wildlife in Canada, information on the impacts and spread of the virus in wild deer populations is currently limited,” the press release states.
“The finding emphasizes the importance of ongoing surveillance for SARS-CoV-2 in wildlife to increase our understanding about SARS-CoV-2 on the human-animal interface.”
The World Organisation for Animal Health was notified about the discovery on Dec. 1.
The department is urging added precaution – like wearing a well-fitted mask – when exposed to “respiratory tissues and fluids from deer.”
The virus has been found in multiple animal species globally including farmed mink, cats, dogs, ferrets, and zoo animals such as tigers, lions, gorillas, cougars, otters and others.
“Recent reports in the United States have revealed evidence of spillover of SARS-CoV-2 from humans to wild white-tailed deer, with subsequent spread of the virus among deer. There has been no known transmission of SARS-CoV-2 from deer to humans at this time,” the release reads.
U.N. seeks record $41 billion for aid to hotspots led by Afghanistan, Ethiopia
The United Nations appealed on Thursday for a record $41 billion to provide life-saving assistance next year to 183 million people worldwide caught up in conflict and poverty, led by a tripling of its programme in Afghanistan.
Famine remains a “terrifying prospect” for 45 million people living in 43 countries, as extreme weather caused by climate change shrinks food supplies, the U.N. said in the annual appeal, which reflected a 17% rise in annual funding needs.
“The drivers of needs are ones which are familiar to all of us. Tragically, it includes protracted conflicts, political instability, failing economies … the climate crisis, not a new crisis, but one which urges more attention and of course the COVID-19 pandemic,” U.N. aid chief Martin Griffiths told reporters.
In a report to donors, the world body said: “Without sustained and immediate action, 2022 could be catastrophic.”
Afghanistan, Syria, Yemen, Ethiopia and Sudan are the five major crises requiring the most funding, topped by $4.5 billion sought for Taliban-ruled Afghanistan where “needs are skyrocketing”, it said.
In Afghanistan, more than 24 million people require life-saving assistance, a dramatic increase driven by political tumult, repeated economic shocks, and severe food insecurity caused by the worst drought in 27 years.
“We are in the business in the U.N. of trying to urgently establish with support from the World Bank as well as the U.N. system, a currency swap initiative which will allow liquidity to go into the economy,” Griffiths said.
“The absence of cash in Afghanistan is a major impediment to any delivery of services,” he said. “I am hoping that we get it up and running before the end of this month.”
In Ethiopia, where a year-old conflict between government and Tigrayan forces has spread into the Amhara and Afar regions, thousands have been displaced, while fighting, drought and locusts push more to the brink, the U.N. said.
Nearly 26 million Ethiopians require aid, including more than 9 million who depend on food rations, including 5 million in Tigray, amid rising malnutrition rates, it said.
“Ethiopia is the most alarming probably almost certainly in terms of immediate emergency need,” Griffiths said, adding that 400,000 people had been deemed at risk of famine already in May.
Noting that heavy fighting continued, with government forces battling Tigrayan People’s Liberation Front forces who have moved closer to the capital Addis Ababa, he added: “But capacity to respond to an imploded Ethiopia is almost impossible to imagine.”
(Reporting by Stephanie Nebehay; editing by Richard Pullin)
Doug Ford applauds new COVID-19 travel restrictions, says more discussions with feds to be held – Globalnews.ca
Ontario Premier Doug Ford thanked the federal government for implementing new travel restrictions in a bid to stop the spread of the Omicron COVID-19 variant and said more discussions will be held about possibly expanding new testing rules to travellers from the United States.
Ford made the remarks at an unrelated press conference in Mississauga Wednesday morning.
Several Omicron variant cases have already been confirmed in Ontario, and Ford said while it is a “cause for concern” it is “not cause for panic.”
“Every day we hold off more cases entering our country, the more time we have to learn and prepare,” Ford said.
“So the best thing we can do right now is fortify our borders. Our best defence is keeping the variant out of our country. We welcome the actions from the federal government and I want to thank the feds for taking action to date.
“We implored them last week to act quickly and be decisive on the borders and they did.”
In a statement last Friday, Ford called on the federal government to enact travel bans on “countries of concern” and the feds followed through just hours later.
On Tuesday, they expanded that ban to three additional countries.
Federal Health Minister Jean-Yves Duclos said foreign nationals from Nigeria, Malawi and Egypt who have been to those countries over the past two weeks will not be able to enter Canada. This added to the seven other African countries barred by Canada on Friday: South Africa, Mozambique, Namibia, Zimbabwe, Botswana, Lesotho and Eswatini.
Egypt, Malawi and Nigeria added to Canada‘s travel ban amid more restrictions
Canadians and permanent residents, as well as all those who have the right to return to Canada, who have transited through these countries over the past two weeks, will have to quarantine, be tested at the airport, and await their test results before exiting quarantine, Duclos said.
It was also announced that all air travellers entering Canada — excluding those coming from the United States — would have to get tested when they arrive and isolate until they receive a negative result. That measure applies to all travellers, regardless of vaccination status.
Duclos said Wednesday that it will take time to implement the new measure.
In his statement last week, Ford also called for point-of-arrival testing to be put in place.
He also said he advised the province’s chief medical officer and Public Health Ontario to “immediately implement expanded surveillance” and update planning to “ensure we are ready for any outcome.”
The Omicron variant has now been detected in many countries around the world, including, as of Wednesday, the United States.
Ford was asked if he would support expanding the new testing rules to those arriving from the States.
“I would always support anything that can be cautious to prevent this variant coming into our country. So, again we’ll have a discussion with the federal government. That’s their jurisdiction, it’s not ours,” Ford said.
“They work collaboratively with all the provinces and territories and I’m always for going the cautious route as I think people have seen over the last 20 months.”
The premier added that “it doesn’t take much to get a test at the airport.”
Federal Transport Minister Omar Alghabra said Wednesday that it’s too early to say whether Canada’s latest requirement to test arriving air travellers will be extended to include those coming from the United States.
“We need to be prepared and ready if we need to adjust that decision to include travellers from the U.S. We haven’t made that decision yet,” he said.
When asked what provincial measures are being considered in response to the Omicron variant, Ford said they will make sure there is expanded testing capacity and contact tracing.
Health Minister Christine Elliott said there is still much that isn’t known about the variant, including how effective vaccines are against it.
She said the province is “continuing with all of our precautions” and said it’s important to keep border restrictions in place until more is known about the variant.
Elliott also said more information will be released in the coming days “with respect to age categories” on booster shots.
— With files from Saba Aziz and The Canadian Press
© 2021 Global News, a division of Corus Entertainment Inc.
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