Out of control immigration is breaking the CDN social contract: Aaron Wudrick with Siavash Safavi
Out of control immigration is breaking the CDN social contract: Aaron Wudrick with Siavash Safavi
An estimated $113 billion gets laundered in and through Canada annually: Christian Leuprecht on BNN Bloomberg

OPEC has ‘hands on the steering wheel’ of oil market [Video]

Categories
Middle East Economy and Markets

OPEC has ‘hands on the steering wheel’ of oil market

Crude oil futures (CL=F, BZ=F) momentarily pause their price rally after hitting multi-month highs, remaining elevated around various geopolitical tensions including the ongoing conflict between Israeli and Hamas forces in the Middle East.

CIBC Private Wealth US Senior Energy Trader Rebecca Babin weighs in on the oil inventory pressures associated with OPEC+’s production cuts and the Russia-Ukraine War, looking ahead to the range where oil and US gas prices could eventually settle into.

“Right now what they [OPEC+] have is a beautiful position of controlling the market. They’ve got their hands on the steering wheel here. They don’t want to lose that,” Babin tells Yahoo Finance. “You let it go too far, you get SPR (Strategic Petroleum Reserve). So, let’s bring back some barrels. I think this puts a damper on this rally to $100 [per barrel] that some people are talking about. And he second big factor I think is demand destruction. You can’t just have an explosive rally to the upside and think demand is going to be completely inelastic.”

About Yahoo Finance:

Yahoo Finance provides free stock ticker data, up-to-date news, portfolio management resources, comprehensive market data, advanced tools, and more information to help you manage your financial life.

– Get the latest news and data at finance.yahoo.com

– Download the Yahoo Finance app on Apple (https://apple.co/3Rten0R) or Android (https://bit.ly/3t8UnXO)

– Follow Yahoo Finance on social:

X: http://twitter.com/YahooFinance
Instagram: https://www.instagram.com/yahoofinance/?hl=en
TikTok: https://www.tiktok.com/@yahoofinance?lang=en
Facebook: https://www.facebook.com/yahoofinance/
LinkedIn: https://www.linkedin.com/company/yahoo-finance

#opec #oil #yahoofinance

Double Trouble: Goodbye globalization? Balkan Devlen with Elisabeth Braw
Double Trouble: Goodbye globalization? Balkan Devlen with Elisabeth Braw
Capital gains tax hike will hurt the middle class, too: Jack Mintz in the Financial Post