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Oil Prices Hold Ground | Italian Parliament Approves Deficit Goal
Published October 12, 2018
Brent crude pared weekly losses as investors shift focus from broader market turmoil spurred by a plunge in US equities to looming shortages due to Iran’s dwindling exports. After hitting a low of $79.80 yesterday, crude prices have hit a high of $81.48 in the early trading session.
US consumer prices rose by 0.1%, less than expected in September, held back by a slower increase in the cost of rent and falling energy prices; underlying inflation pressures have appeared to cool slightly.
Italy’s parliament has approved deficit-raising spending targets, defying markets and Italy’s euro zone partners who had been pressing for changes. The new spending targets are set to raise Italy’s deficit to 2.4 per cent of GDP next year.
Canada announces a 25 percent tariff on steel imports from China and other countries to avoid becoming a dumping ground for steel in the face of metal levies imposed by US President Donald Trump.