By Glen Hallick
Glacier FarmMedia | MarketsFarm – The following is a glance at the news moving markets in Canada and globally.
- There were steep declines in crude oil prices on Wednesday, with the possibility of the Middle East war de-escalating. With Pakistan acting as an intermediary, United States President Donald Trump offered a 15-point ceasefire plan. However, Iran continued to deny such negotiations have been going on with the U.S. Meanwhile, Iran and Israel again traded overnight air strikes.
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By Glen Hallick Glacier FarmMedia | MarketsFarm – The following is a glance at the news moving markets in Canada…
- Canadian Energy Minister Tim Hodgson is at S&P’s CERAWeek energy conference in Houston, where he said Canada wants to become an energy superpower. While Hodgson’s remarks on Monday were welcomed by oil industry executives, they also said Canada has a poor track record when it comes to actually expanding its exports of oil and natural gas.
- On Tuesday, the Philippines became the first country to declare an energy emergency as local gasoline and diesel prices have more than doubled since the start of the Middle East war. The Philippines imports 98 per cent of its oil from the Persian Gulf region. President Ferdinand Marcos Jr. said the country will acquire one million barrels of oil from elsewhere to add to its 45-day stock.
- Trade relations between China and Mexico turned sour on Wednesday. The Chinese Ministry of Commerce criticized Mexico’s move to impose a 50 per cent tariff come Jan. 1 on imports of from China and other countries that don’t have a free trade agreement with Mexico. While China called the levies a breach of trade rules, Mexico said it took the action to protect 350,000 jobs.
