Global Markets: Oil prices gaining

WINNIPEG, March 7 (MarketsFarm News) – The following is a glance at the news moving markets in Canada and globally.

– Oil prices gained after data from the U.S. government showed a large jump in crude inventories and a drop in fuel stockpiles. Oil has increased over 25% this year as the Organization of Petroleum Exporting Countries has restrained output to balance the market. Sanctions against Venezuela and Iran aided in keeping supplies tight.

– Canadian Prime Minister Justin Trudeau cites “erosion of trust” between his former advisor Gerald Butts and former attorney general Jody Wilson-Raybould led to the SNC-Lavalin controversy.

– The European Central Bank announced its monetary policy decision early Thursday morning. Experts expect officials to cut economic forecasts in order to allow room for additional stimulus.

– Chinese tech company Huawei is suing the United States over a law that limits its sales of telecom equipment to Americans. This is a move to preserve the company’s global market, as the current law bars the U.S. government and its contractors from using Huawei equipment. Huawei is at the centre of global concerns of technology competition and cyberspying.

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