WINNIPEG, May 5 (MarketsFarm) – The following is a glance at the news moving markets in Canada and globally.
– Canada was among numerous countries who pledged on Monday to contribute towards a US$8 billion global fund working towards a vaccine for COVID-19. Most notably absent from making a contribution was the United States, the country hardest hit by the pandemic. “It is a pity the U.S. is not a part of it. When you are in a crisis, you manage it and you do it jointly with others,” Norway’s Prime Minister Erna Solberg told Reuters.
– As crude oil production cuts begin to kick in, Canada’s main benchmark oil has increased in price. Western Canadian Select (WCS) surged to its strongest price versus futures since 2008, according Bloomberg on Tuesday. Imperial Oil said it will reduce its oil sands production by 150,000 barrels per day (BPD), as ConocoPhillips, Suncor Energy, Athabasca Oil and Cenovus Energy also announced production cuts. Enbridge announced yesterday that by June it can store up to 900,000 barrels of crude oil in a soon to be decommissioned pipeline running between Saskatchewan and Manitoba. As of Tuesday morning WCS stood at US$19.33 per barrel after sinking to all but a few dollars over the last weeks.
– Trade talks between the United States and the United Kingdom got underway on Tuesday by videoconference. One aspect of the negotiations will be agriculture as the U.S. is seeking to expand its markets. However, the U.K. is said to be quite wary of genetically modified crops and antibacterial treatments for poultry. Trade between the two countries amounted to US$262 billion in 2018. The U.S./U.K. talks will take place just as the latter is negotiating its exit from the European Union.