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.