Oil prices slipped on Friday, wiping out gains from the previous session, as the dollar continued to rise on bets the U.S. central bank will bring forward plans to raise rates to tame inflation.
U.S. West Texas Intermediate (WTI) crude futures fell 58 cents, or 0.7%, to $81.01 a barrel at 0509 GMT, reversing Thursday’s 25 cent gain.
Brent crude futures dropped 65 cents, or 0.8%, to $82.22 a barrel.
“The greenback may hold its strength until the expectation of a more hawkish Fed is fully digested by the market, which may not be sooner than mid-2022. Before that happens, a strong dollar can be a possible headwind for higher oil prices,” said Leona Liu, analyst at Singapore-based DailyFX.
Both benchmark crude contracts were poised to end the week lower by around 0.7% after sharp moves up and down, driven by a soaring dollar and speculation on whether the Biden administration might release oil from the U.S. Strategic Petroleum Reserve to cool prices.
“The market is in a finely balanced situation,” said Westpac senior economist Justin Smirk.
While the market is tightly supplied, he said the bigger issue is the change in the demand dynamic, as the market moves away from a strong recovery driven by a revival in demand for goods – which has stoked energy demand – toward a recovery in demand for services.
There are positive signs on the demand side, with air travel rapidly picking up, but tighter monetary and fiscal policy and the oncoming northern hemisphere winter will act as a dampener.
The Organization of the Petroleum Exporting Countries (OPEC) on Thursday cut its world oil demand forecast for the fourth quarter by 330,000 barrels per day from last month’s forecast, as high energy prices curb the recovery from COVID-19.
“Although oil price may benefit from the recovering demands, soaring energy prices and a more sticky inflation may damp the growth prospects, thus to curb oil’s topside potential,” analyst Liu said.
OPEC, Russia and allies, together called OPEC+, agreed last week to stick to plans to add 400,000 barrels per day to the market each month.
(Reporting by Sonali Paul in Melbourne and Koustav Samanta in Singapore; Editing by Richard Pullin and Michael Perry)
BC floods: Evacuation ordered in Abbotsford area – CTV News
British Columbia says it’s prepared to use a national emergency alert system should the third in a trio of ongoing storms pose a risk to life and safety in the coming days.
Alert Ready is a Canada-wide system that allows government officials to issue public safety alerts through major television and radio broadcasters, as well as compatible wireless devices. B.C. has faced criticism for not using it during deadly natural disasters this year.
Public Safety Minister Mike Farnworth says provincial officials are working with local governments, First Nations and emergency managers, adding the province is prepared to use the system should a community feel there is an imminent threat.
Farnworth made the comment during a briefing on an ongoing series of storms in the province in which officials warned that the third one, due to make landfall Monday, could reach intensities similar to those that destroyed highways, flooded communities and prompted mass evacuations two weeks ago.
Armel Castellan of Environment and Climate Change Canada says there is a lot of uncertainty at this stage, and while meteorologists hope the impacts remain as low as possible, they are urging maximum caution, vigilance and readiness for a “very strong storm and swell.”
The River Forecast Centre issued a new flood warning for the Coquihalla River and says the Nooksack River in the United States is at risk of overflowing its banks late today and spilling into Sumas Prairie.
Meanwhile, a new set of evacuation orders were issued for 56 properties in the Petit Creek-Spius Creek area west of Merritt, B.C.
“We’re in the middle of one of the most intense series of storms that we have seen along coastal B.C.,” Farnworth said.
“Once again, it’s time to be ready.”
Canada's first cases of the omicron coronavirus variant confirmed in Ottawa – CBC.ca
There are two confirmed cases of the omicron variant of the coronavirus in Ottawa, the Ontario government announced Sunday.
“Today, the province of Ontario has confirmed two cases of the omicron variant of COVID-19 in Ottawa, both of which were reported in individuals with recent travel from Nigeria. Ottawa Public Health is conducting case and contact management and the patients are in isolation,” the statement said.
These are the first cases of the omicron variant confirmed in Canada, coming just days after the country implemented new travel restrictions on foreign nationals who had visited several countries in southern Africa over the preceding two weeks.
Those travel restrictions went into effect on Friday. The omicron variant was first identified by South African researchers and has provoked global concern.
Little is known about the new variant, dubbed omicron by the World Health Organization and labelled as a variant of concern. It is being linked to a rapid rise of cases in a South African province.
It is not known at this time whether the variant is more transmissible, or more dangerous to the health of those who are infected by it, than other coronavirus variants.
“The best defence against the omicron variant is stopping it at our border. In addition to the measures recently announced, we continue to urge the federal government to take the necessary steps to mandate point-of-arrival testing for all travellers irrespective of where they’re coming from to further protect against the spread of this new variant,” said the statement from Ontario Health Minister Christine Elliott and Dr. Kieran Moore, the province’s chief medical officer of health.
The provincial government urged residents to get vaccinated, including with booster doses, and to continue following public health guidance.
“Ontario is prepared and ready to respond to this new variant.”
More confirmed cases likely: health minister
In a statement released Sunday, federal Health Minister Jean-Yves Duclos said the confirmation of two omicron cases is a signal that the country’s monitoring system is working but to expect more cases of the variant.
“As the monitoring and testing continues with provinces and territories, it is expected that other cases of this variant will be found in Canada,” Duclos said.
“I know that this new variant may seem concerning,” he added, but said existing vaccines and public health measures were helping to reduce the spread of COVID-19.
In a separate statement, the Public Health Agency of Canada said border measures could change as the situation develops.
“The Government of Canada will continue to assess the evolving situation and adjust border measures as required,” it said
‘Better to be safe than sorry’
Reacting to the news, epidemiologist Dr. Christopher Labos emphasized the lack of information the world has so far about the omicron variant, noting that some other variants failed to take hold and out-compete the dominant strain.
“While it’s important not to under-react, it’s important not to overreact. We don’t have a lot of information about whether this variant is actually more dangerous than the variants that we’ve dealt with,” he said in an interview on CBC News Network.
Still, he said it was “better to be safe than sorry” and take precautions. But he said that until there was more information, it was not necessary to radically change behaviour, so long as you are vaccinated and otherwise acting in accordance with public health guidance.
“The stuff that worked before should work now.”
WHO urges countries to keep borders open
The World Health Organization (WHO) released a statement on Sunday summarizing what it knows about the variant. It said it is studying whether the variant is more transmissible than those currently spreading, such as delta, as well as whether omicron increases the risk of reinfection, as suggested by “preliminary evidence.”
The idea of travel bans in response to new variants has long been criticized by some as an ineffective measure at stopping the spread of the virus. South Africa has said the travel measures are “unjustified.”
Dr. Matshidiso Moeti, WHO’s regional director for Africa, said instituting travel bans targeted at southern Africa “attacks global solidarity.”
“COVID-19 constantly exploits our divisions. We will only get the better of the virus if we work together for solutions,” Moeti said.
In an interview on Rosemary Barton Live that aired prior to the government announcement on Sunday, WHO special adviser Dr. Peter Singer said it “wouldn’t be a surprise” if the variant was in Canada.
He said the United Nations agency believes travel restrictions should be “risk-based and time-limited,” part of a comprehensive package, rather than the only measure taken to mitigate the risk of a new variant.
“They’re definitely not a silver bullet,” he said. Singer argued the international community should not create situations that disincentive countries from being transparent about new variants.
Singer said the most important things Canadians can do to protect themselves are the same as they have been throughout the COVID-19 pandemic: get vaccinated and follow public health measures.
“This is a call for individuals to raise their guard. There are things individuals can do which help with any variant or any version of this virus, including omicron.”
He urged Canada and other countries to redouble their efforts to provide resources to the global vaccination campaign, saying that’s the best way to stop the spread of omicron and potential future variants.
Canada finds first cases of Omicron COVID-19 variant in Ontario. Here’s what we know – Globalnews.ca
Canada has detected its first two cases of the Omicron COVID-19 variant.
A statement from Ontario’s Ministry of Health confirmed that cases of the variant, recently declared as the novel coronavirus’ fifth variant of concern by the WHO, have been identified in Ontario.
“Today, the province of Ontario has confirmed two cases of the Omicron variant of COVID-19 in Ottawa, both of which were reported in individuals with recent travel from Nigeria. Ottawa Public Health is conducting case and contact management and the patients are in isolation,” read the statement Sunday.
COVID-19: Doctors encourage vaccination as Omicron variant emerges
“In addition to the measures recently announced, we continue to urge the federal government to take the necessary steps to mandate point-of-arrival testing for all travellers irrespective of where they’re coming from to further protect against the spread of this new variant.”
Ontario’s Chief Medical Officer of Health Dr. Kieran Moore is set to hold a press conference on the variant’s discovery Monday morning, according to the statement.
Federal Health Minister Jean-Yves Duclos also confirmed Canada’s first two cases in a statement Sunday evening, and said that he was working with the province’s public health officials to contact trace the cases.
“As the monitoring and testing continues with provinces and territories, it is expected that other cases of this variant will be found in Canada,” read Duclos’ statement.
Staying ahead of a new COVID variant of concern
“I know that this new variant may seem concerning, but I want to remind Canadians that vaccination, in combination with public health and individual protective measures, is working to reduce the spread of COVID-19 and its variants in our communities.”
South African scientists first identified the heavily mutated variant earlier this week after an exponential surge in cases, prompting a host of nations — including Canada — to impose new travel restrictions on a wide swathe of southern African countries.
Public health experts and officials were alarmed by the variant’s high number of mutations — with preliminary data showing at first an increased potential for transmissibility, a reduction in vaccine effectiveness and increased reinfection.
Other experts were quick to point out South Africa’s low rates of vaccination, which currently sit at under 30 per cent of the total population, as well as a lack of evidence suggesting the variant is deadlier than the current dominant strains of the virus.
COVID-19: South African president “deeply disappointed” by travel restrictions due to Omicron variant
Canadian public health officials previously said that getting vaccinated was still the best way of preventing the most severe outcomes from contracting COVID-19, and that there was no definitive evidence yet of its ability to completely circumvent the protection offered by the inoculations.
Canada’s Chief Public Officer Dr. Theresa Tam also confirmed the detection of the new variant, and said that Canada has a “robust monitoring” system in place to detect genetic changes in the virus or new variants of concern, such as the Omicron.
“Last Friday, Canada announced additional travel measures for all travellers coming into Canada from the South African region. It is not unexpected that additional cases of this variant will be discovered in Canada,” read Tam’s statement.
A handful of vaccine makers have recently announced that they were also developing or examining ways to enhance or create new versions of their shots to combat Omicron.
The most recent was that of Moderna, whose chief medical officer Dr. Paul Burton told BBC that a new vaccine could be produced by “early 2022” if it was necessary.
“The remarkable thing about the mRNA vaccines, Moderna platform, is we can move very fast,” he said, noting that the company started work on an Omicron vaccine on Thursday.
Canada’s vaccination rates also stand among the highest in the world, with nearly 80 per cent of the country’s eligible population already vaccinated against COVID-19.
COVID-19: Vaccine against Omicron variant could be ready by early 2022, Moderna says
Public health experts told Global News earlier on Friday shortly before Canada’s announcement of new travel restrictions that they would not be surprised if the variant was “already here” and spreading within Canada’s borders.
On Sunday, the Netherlands, Denmark and Australia became the latest countries alongside Canada to discover the new variant among their cases.
The variant has already been found in Belgium, Botswana, Israel, Hong Kong, the U.K., Germany and Italy.
© 2021 Global News, a division of Corus Entertainment Inc.
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