WINNIPEG, July 4 (MarketsFarm News) – The following is a glance at the news moving markets in Canada and globally.
– On Tuesday afternoon, 34 workers became trapped underground in a potash mine in Saskatchewan. The mine was not producing potash and was under maintenance. All workers have since been rescued. “All 34 employees have been safely brought to the surface at our Cory Potash site,” said Will Tigley, a spokesperson for the company, to Bloomberg.
– British Royal Marines have seized an oil tanker in Gibraltar on accusations of bringing oil to Syria, which violates sanctions put in place by the European Union. The tanker was believed to be filled with Iranian oil, though documents state the oil is from neighbouring Iraq, according to Reuters. This is the first time that European authorities have seized a tanker for violating Syria’s sanctions, which have been in place since 2011.
– Oil prices took a downturn after U.S. stocks appeared to be larger than originally anticipated. Though stockpiles have fallen for the third consecutive week, they dropped less than forecast in a Bloomberg survey. Oil prices plunged by 4.8 per cent on Tuesday following an announcement from OPEC that they would continue production cuts into 2020 due to lowered global demand. “The OPEC deal was more or less what the market deemed to be necessary,” said Ole Sloth Hansen, head of commodities strategy at Saxo Bank A/S, to Bloomberg. “The weakness in U.S. and Chinese data early in the week, together with yesterday’s smaller-than-expected draw, only added to demand worries.”