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The crude oil market's rather sanguine reaction to the U.S. threats to India over its continued purchases of Russian oil is effectively a bet that very little will actually happen. President Donald Trump cited India's imports of Russian crude when imposing an additional 25% tariff on imports from India on August 6, which is due to take effect on August 28. If the new tariff rate does come into place, it will take the rate for some Indian goods to as much as 50%, a level high enough to [Read more]

Oil prices fell in early Asian trading on Monday, extending declines of more than 4% last week on higher U.S. tariffs on its trading partners, an OPEC output hike, and expectations the U.S. and Russia were moving closer to a Ukraine ceasefire pact. Brent crude futures fell 52 cents, or 0.78%, to $66.07 a barrel by 0041 GMT, while U.S. West Texas Intermediate crude futures fell 58 cents to $63.30. Expectations have risen for a potential end to sanctions that have limited the supply of [Read more]

U.S. Vice President JD Vance said a negotiated settlement between Russia and Ukraine is unlikely to satisfy either side, and any peace deal will likely leave both Moscow and Kyiv "unhappy." He said the U.S. is aiming for a settlement both countries can accept. "It's not going to make anybody super happy. Both the Russians and the Ukrainians, probably, at the end of the day, are going to be unhappy with it," he said in a Fox News interview that aired Sunday. U.S. President Donald Trump said on [Read more]

The discount on Western Canada Select to the North American benchmark West Texas Intermediate futures widened on Friday. WCS for September delivery in Hardisty, Alberta, settled at $12.10 a barrel under the U.S. benchmark WTI, according to brokerage CalRock, compared with $11.95 a barrel on Thursday. * The differential between Canadian heavy crude and the U.S. benchmark has trended wider. This is due to the return of more normal market conditions, analysts say, after the discount became [Read more]

The Canadian government said on Friday it will join some of its closest allies in lowering the price cap for Russian oil over its continued war in Ukraine, the country's finance department said in a statement on Friday. Canada will lower the price cap for seaborne Russian-origin crude oil to $47.60 from $60 per barrel, the statement said. The price cap move brings Canada in line with the European Union and the United Kingdom, who announced in July they would lower the cap as they target [Read more]

OTTAWA, ON, Aug. 8, 2025 /CNW/ - Canada is at a pivotal moment in history. Faced with global volatility, disrupted trade relationships and a changing environment, we must strengthen our economy while doing our part to lower greenhouse gas (GHG) emissions. Today, Yasir Naqvi, Member of Parliament for Ottawa Centre and Parliamentary Secretary to the Minister of International Trade and to the Secretary of State (International Development), on behalf of Minister Tim Hodgson, Minister of Energy and [Read more]

U.S. energy firms this week cut the number of oil and natural gas rigs operating for a third week in a row, energy services firm Baker Hughes said in its closely followed report on Friday. The oil and gas rig count, an early indicator of future output, fell by one to 539 in the week to August 8. Baker Hughes said oil rigs rose by one to 411 this week, while gas rigs fell by one to 123, and miscellaneous rigs fell by one to five. In Texas, the biggest oil and gas-producing state, the rig count [Read more]