WTI Breaks $75 Barrier, But Traders Remain Cautious | Canada News Media
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WTI Breaks $75 Barrier, But Traders Remain Cautious

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After shedding 8% last week, crude oil prices are trading up over 1.7% midday Monday, driven by China’s reopening and a weaker U.S. dollar.

West Texas Intermediate (WTI) was trading up 1.84% as of 1:31 p.m. EST on Monday, breaking the $75/barrel barrier, while Brent was trading up 1.55%, pushing towards the $80 mark.

China’s reopening news was the key driver pushing against recession fears that commanded all the attention last week. Less hawkish sentiments coming from the Fed, combined with a softening dollar, also gave oil prices a push. 

The U.S. Dollar Index dropped 0.82% on Monday.

Gains are not as high as one might anticipate over a China reopening, and do not appear to be driving towards a fast reversal of the 8% they shed previously, as traders remain cautious about what happens next with Chinese recovery. 

COVID-19 cases are still expected to surge further, hampering demand.

China’s reopening has led to a surge in cases, and traders have trimmed optimism somewhat based on the latest Chinese manufacturing data, which showed activity dropping for a third consecutive month in December. Other indications of a tough recovery include emerging labor shortages and supply chain disruptions.

Last week’s drop in oil prices represented one of the biggest declines since 2016.

The recovery in oil prices on Monday also comes as the U.S. Department of Energy (DoE) is attempting to entice producers to sell oil at a favorable rate–ideally $70/barrel–to refill the Strategic Petroleum Reserve (SPR). On Friday, reports emerged that the DoE had rejected the first bids as unfavorable to taxpayers. If oil prices continue to climb, it will be increasingly difficult to refill the SPR, which has reached its lowest level since 1984.

By Charles Kennedy for Oilprice.com

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Restaurant Brands reports US$357M Q3 net income, down from US$364M a year ago

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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.

Companies in this story: (TSX:QSR)

The Canadian Press. All rights reserved.

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Electric and gas utility Fortis reports $420M Q3 profit, up from $394M a year ago

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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.

Companies in this story: (TSX:FTS)

The Canadian Press. All rights reserved.

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Thomson Reuters reports Q3 profit down from year ago as revenue rises

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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.

Companies in this story: (TSX:TRI)

The Canadian Press. All rights reserved.

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