Global Markets: Oil prices react to global tensions

WINNIPEG, April 9 (MarketsFarm News) – The following is a glance at the news moving markets in Canada and globally.

– Oil prices are expected to climb this week due to lower output from Libya, a country embroiled in an escalating civil war. Experts predict fuel prices will continue to rise worldwide as the war shows no sign of ceasing. However, Russian officials have indicated their intentions to end oil supply cuts in June, when the original agreement with OPEC expires.

– As British Parliament remains deadlocked in Brexit negotiations ahead of April 12, the official withdrawal date, some neighbouring countries are benefitting from the uncertainty. Over the past year, approximately 15,000 British migrants have moved to Amsterdam, Netherlands, as well as 153 foreign businesses. “The city government reacted early and quickly to Brexit, ramping up a team led by Deputy Mayor Udo Kock dedicated to showcasing the city’s high quality of life, strong economy and widespread willingness to do business in English,” said Naomi O’Leary for Politico.

– Kristjen Nielson resigned on Sunday as United States Secretary of Homeland Security, after being asked to do so by President Doanld Trump. As the architect of the “zero tolerance” entrance policy at the nation’s southwestern border, which separated thousands of migrant children from their families, Nielson stopped short of fully closing ports of entries and turning away asylum seekers. “I have determined that it is the right time for me to step aside,” Nielsen said in her resignation letter. Kevin McAleenan is the current acting Homeland Security chief, the fourth person to hold this position under Trump. He will be “under pressure to implement legally dubious solutions to an influx of migrants at the U.S.-Mexico border – policies that his predecessor either could not, or would not, deliver,” according to Reuters.
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