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China praised on Thursday a visit to Beijing this week by Canadian Prime Minister Mark Carney, calling it "pivotal" in work to recalibrate ties following months of intense re-engagement. The remarks by China's top diplomat Wang Yi were made in a meeting with Canadian counterpart Anita Anand, who is part of Carney's delegation on the first visit by a Canadian prime minister since 2017. "This marks the Canadian prime minister's first visit to China in eight years, representing a pivotal and [Read more]

Oil prices slid more than 2% in early Asian trade on Thursday after U.S. President Donald Trump said killings in Iran's crackdown on nationwide protests were stopping, tempering concern over military action against Iran and supply disruption. Brent futures were down $1.67, or 2.5%, at $64.85 a barrel at 0109 GMT, while U.S. West Texas Intermediate crude slipped $1.54, or 2.5%, to $60.48 a barrel. Both benchmarks settled more than 1% higher on Wednesday but gave back most gains after [Read more]

President Donald Trump said on Wednesday that he believes it would be better for Venezuela to remain in the Organization of the Petroleum Exporting Countries, or OPEC, but added he was unsure if that would be a better situation for the United States. “Well, I think it’s better for them if they do it,” Trump said in a Reuters interview when asked if the administration supports Venezuela remaining in the oil cartel. “I don’t know that it’s better for us … but they are a member of OPEC, and [Read more]

Venezuelan crude oil was being offered this week to U.S. Gulf Coast refiners at a premium to competing Canadian barrels, two traders said. Venezuelan Merey-16 oil was offered for U.S. Gulf Coast delivery at a discount of around $6 to Brent crude futures earlier this week, a trader said, while West Canadian Select at Houston settled at a roughly $12.50 discount to Brent on Tuesday. Global commodities traders Vitol and Trafigura last week struck agreements with the U.S. government to help [Read more]

The discount on Western Canada Select crude oil to North American benchmark West Texas Intermediate futures narrowed on Wednesday. WCS for February delivery in Hardisty, Alberta, settled at $14.30 a barrel below the U.S. benchmark WTI, according to brokerage CalRock, compared with $14.40 a barrel on Tuesday. The discount on Canadian heavy crude remains more than $1 wider than it was last month. The price for Canadian heavy crude grades has fallen in the wake of heightened market [Read more]