img CDN
img AUS
img NZ
img US
Call us now: 1.844.363.7297
imgOnline Dealing Login

WTI Gains on Drop in US Crude Inventory | Sterling Falls as British PM Asks to Suspend Parliament

Published August 28, 2019

  • Oil rose for a second day after an industry report showed a bigger-than-expected drop in American crude inventories; this has alleviated concerns that the market may tip back into oversupply. West Texas Intermediate crude for October delivery rose 1.5% to $55.75 a barrel.
  • The British pound fell 1.1% this morning after UK Prime Minister Boris Johnson stated that he will ask Queen Elizabeth II to suspend Parliament from mid-September to mid-October. This maneuver would severely hinder efforts by anti-Brexit lawmakers to block a no-deal exit from the European Union.
  • The anti-establishment Five Star Movement and the center-left Democratic Party in Italy are continuing negotiations to form a new government, which would allow them to avoid the need for a snap election. Both parties face a deadline this afternoon to present an agreement to President Sergio Mattarella. If negotiations break down, new Italian elections will be called.
  • Alberta’s United Conservative Party government is set to release the province’s finances, with the impending budget due in the next few months. In an abbreviated fiscal first-quarter report, the government highlighted the province’s rising debt levels and placed blame on the former government. Alberta’s total debt and public-private partnership liabilities are on track to reach $119.5 billion by the 2023-2024 fiscal year.