Investing.com– Oil prices fell in Asian trade on Monday as markets remained uncertain over more production cuts by the OPEC+ after a delay in a meeting this week, while anticipation of a string of key economic readings also kept traders on edge.
Crude prices sank for a fifth straight week as hopes of more supply cuts by the Organization of Petroleum Exporting Countries and allies (OPEC+) were largely offset by a delay in the , to Nov. 30 from Nov. 26, especially as reports suggested the delay was caused by disagreements over planned production cuts.
expiring January fell 0.3% to $80.32 a barrel, while expiring January fell 0.4% to $75.26 a barrel by 21:02 ET (02:02 GMT). Both contracts closed marginally lower in the past week.
OPEC+ production cuts take center stage
Saudi Arabia and Russia- two of the top producers in the OPEC+, are largely expected to extend or deepen their ongoing supply reductions. The two led the OPEC+ in curbing supply this year, amid growing fears that high interest rates and worsening economic conditions will dent global oil demand.
But production in other OPEC+ members was seen increasing in recent months. Reuters reports also showed that some African nations planned to increase production at the upcoming meeting, which clashed with the plans of de-facto OPEC+ leader Saudi Arabia.
Increased production by some OPEC+ members, coupled with record-high U.S. production and growing Chinese stockpiles made oil markets appear not as tight as initially thought this year. The trend is likely to draw more production cuts from Saudi Arabia and Russia, which analysts expect will tighten supply going into 2024.
Inflation, business activity readings on tap
Oil markets were also cautious before a string of major economic readings this week, starting with on Thursday. The bloc slipped into a technical recession in the third quarter, ramping up concerns over slowing crude demand.
Chinese data is due on Thursday, and is set to offer more cues on business activity in the world’s largest oil importer. Economic activity in the country has remained largely languid in recent months which, coupled with surging oil inventories, could spur a slowdown in Chinese oil demand.
A second reading on U.S. for the third quarter is also on tap this week, as is a reading on – the Federal Reserve’s preferred inflation gauge. Both readings are expected to show continued resilience in the U.S. economy.
But U.S. oil demand is set to cool in the coming months, as the winter season restricts travel.
TORONTO – Restaurant Brands International Inc. reported net income of US$357 million for its third quarter, down from US$364 million in the same quarter last year.
The company, which keeps its books in U.S. dollars, says its profit amounted to 79 cents US per diluted share for the quarter ended Sept. 30 compared with 79 cents US per diluted share a year earlier.
Revenue for the parent company of Tim Hortons, Burger King, Popeyes and Firehouse Subs, totalled US$2.29 billion, up from US$1.84 billion in the same quarter last year.
Consolidated comparable sales were up 0.3 per cent.
On an adjusted basis, Restaurant Brands says it earned 93 cents US per diluted share in its latest quarter, up from an adjusted profit of 90 cents US per diluted share a year earlier.
The average analyst estimate had been for a profit of 95 cents US per share, according to LSEG Data & Analytics.
This report by The Canadian Press was first published Nov. 5, 2024.
ST. JOHN’S, N.L. – Fortis Inc. reported a third-quarter profit of $420 million, up from $394 million in the same quarter last year.
The electric and gas utility says the profit amounted to 85 cents per share for the quarter ended Sept. 30, up from 81 cents per share a year earlier.
Fortis says the increase was driven by rate base growth across its utilities, and strong earnings in Arizona largely reflecting new customer rates at Tucson Electric Power.
Revenue in the quarter totalled $2.77 billion, up from $2.72 billion in the same quarter last year.
On an adjusted basis, Fortis says it earned 85 cents per share in its latest quarter, up from an adjusted profit of 84 cents per share in the third quarter of 2023.
The average analyst estimate had been for a profit of 82 cents per share, according to LSEG Data & Analytics.
This report by The Canadian Press was first published Nov. 5, 2024.
TORONTO – Thomson Reuters reported its third-quarter profit fell compared with a year ago as its revenue rose eight per cent.
The company, which keeps its books in U.S. dollars, says it earned US$301 million or 67 cents US per diluted share for the quarter ended Sept. 30. The result compared with a profit of US$367 million or 80 cents US per diluted share in the same quarter a year earlier.
Revenue for the quarter totalled US$1.72 billion, up from US$1.59 billion a year earlier.
In its outlook, Thomson Reuters says it now expects organic revenue growth of 7.0 per cent for its full year, up from earlier expectations for growth of 6.5 per cent.
On an adjusted basis, Thomson Reuters says it earned 80 cents US per share in its latest quarter, down from an adjusted profit of 82 cents US per share in the same quarter last year.
The average analyst estimate had been for a profit of 76 cents US per share, according to LSEG Data & Analytics.
This report by The Canadian Press was first published Nov. 5, 2024.
