Global Markets: Oil futures steady

By MarketsFarm

WINNIPEG, March 5 (MarketsFarm News) – The following is a glance at the news moving markets in Canada and globally.

– Oil futures have steadied, reversing earlier losses, as OPEC and allies have capped production to reduce surplus. Libya, however, restarted production on its largest oil field, halting further market gains. At 8:52 EST, West Texas Intermediate futures for April were trading at $56.79 per barrel on the New York Mercantile Exchange. Brent futures for May were trading at $65.89 per barrel on the ICE Futures Europe exchange.

– China, the world’s top importer of canola, has halted imports of canola from Canadian agribusiness superpower Richardson International Ltd. The Canadian economy will suffer if this trade partner is lost.

– Canadian Member of Parliament and Treasury Board president Jane Philpott resigned from cabinet on March 4, following the SNC-Lavalin controversy. “There can be a cost to acting on one’s principles, but there is a bigger cost to abandoning them,” says Philpott.

– British lawmakers are confident that Brexit talks are moving forwards towards a clean and orderly exit from the European Union. British Prime Minister Theresa May and members of her cabinet are scheduled to meet with EU negotiators in Brussels later on Tuesday to discuss the upcoming March 29 exit deadline. The Bank of England has warned of “significant market volatility” if Britain’s exit is “disorderly”.

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