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* Canadian dollar rises 0.1% against the greenback

* Loonie trades in a range of 1.3116 to 1.3157

* Price of U.S. oil increases 1.6%

* Canadian bond yield ease across a flatter curve

TORONTO, Oct 14 (Reuters) – The Canadian dollar edged higher
against its U.S. counterpart on Wednesday as oil prices rose and
Wall Street steadied, with the loonie clawing back some of the
previous day’s decline ahead of comments by Bank of Canada
Deputy Governor Timothy Lane.

The loonie was trading 0.1% higher at 1.3126 to the
greenback, or 76.18 U.S. cents, having traded in a range of
1.3116 to 1.3157. Tuesday’s decline for the loonie broke a
string of four straight daily gains.

Futures tracking the S&P 500 were slightly higher after
being pressured the previous day by fading hopes of a deal on
federal aid as well as a halt in trials of a COVID-19

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(Bloomberg) — Gulf banks are entering an age of weaker profits as a result of the coronavirus outbreak and a decline in crude prices, according to S&P Global Ratings.

“The pandemic and drop in oil prices could mark the start of a new era,” S&P analysts led by Mohamed Damak in Dubai said in a report. “This new era is characterized by a decline in oil wealth, a lower multiplier effect in the local economies, and lower profitability.”



chart, bar chart

© via Bloomberg


With a sluggish economic recovery likely to hold back lending in the six-member Gulf Cooperation Council, a period of reduced profitability could be “longer lasting,” according to S&P. The rating company also predicts that regional banks’ asset quality may deteriorate at a faster rate.

“Rated banks in the GCC face an uphill struggle in the next 18 months due to the protracted nature of the economic recovery and the

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(Bloomberg) — Oil steadied in Asian trading as fading hopes for more fiscal stimulus before the U.S. election offset optimism driven by an increase in Chinese crude imports last month.

Futures in New York edged lower toward $40 a barrel after closing up 2% on Tuesday. House Speaker Nancy Pelosi rejected a proposal from Senate Republican leader Mitch McConnell for a smaller-scale approach to new stimulus and demanded a revamped offer from the White House. A stronger dollar also diminished the appeal of commodities priced in the currency.

Chinese oil imports rose 2.1% month-on-month in September, official data showed Tuesday. The buying revival by the world’s largest crude importer is a rare positive as a resurgent virus threatens an already tepid demand outlook.



graphical user interface: WTI close to 50-, 100- and 200-day moving averages

© Bloomberg
WTI close to 50-, 100- and 200-day moving averages

The Organization of Petroleum Exporting Countries trimmed estimates for the amount of crude it will need

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By Ahmad Ghaddar

LONDON (Reuters) – Oil prices rebounded on Tuesday as robust China data offset returning supply in Norway, the Gulf of Mexico and Libya.

Brent crude <LCOc1> futures rose 63 cents, or 1.5%, to $42.35 a barrel by 1224 GMT. U.S. West Texas Intermediate (WTI) crude <CLc1> futures rose 71 cents, or 1.8%, to $40.14 a barrel.

China, the world’s top crude oil importer, took in 11.8 million barrels per day (bpd) of oil in September, up 5.5% from August and up 17.5% from a year earlier, customs data showed.

“Currently, oil demand is driven primarily by China,” Commerzbank said.

The International Energy Agency (IEA) – which advises Western governments on energy policy – said in its World Energy Outlook that in its central scenario a vaccine and therapeutics could mean the global economy rebounds in 2021 and energy demand recovers by 2023.

But under a “delayed recovery

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Crude-oil futures finished Monday at their lowest price in a week, with production in Libya, Norway and the Gulf of Mexico set to recover.

Libya lifted force majeure at its largest oil field, producers began restoring output in the Gulf of Mexico following Hurricane Delta, and crude output in Norway looked to recover following the end of an oil-worker strike.

West Texas Intermediate crude for November delivery
CL.1,
+0.30%
fell $1.17, or 2.9%, to settle at $39.43 a barrel on the New York Mercantile Exchange. December Brent crude
BRN00,
+0.28%
lost $1.13, or 2.6%, at $41.72 a barrel on ICE Futures Europe.

Front-month WTI, the U.S. benchmark, and global benchmark Brent on Monday both marked their lowest settlements since Oct. 5, according to Dow Jones Market Data.

With the passing of the hurricane and the resolution of the strike in Norway, “investors are more concerned about the higher output in

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Fox Business Flash top headlines are here. Check out what’s clicking on FoxBusiness.com.

SINGAPORE – Oil prices dropped for a second straight session on Monday as U.S. producers began restoring output after Hurricane Delta weakened, while a strike that had affected production in Norway came to an end.

Brent crude LCOc1 for December fell 55 cents, or 1.3%, to $42.30 a barrel by 0023 GMT and U.S. West Texas Intermediate CLc1 for November was at $40.08 a barrel, down 52 cents, or 1.3%.

Front-month prices for both contracts gained more than 9% last week, the biggest weekly rise for Brent since June, but fell on Friday after Norwegian oil firms struck a wage bargain with labour union officials, resolving a strike that threatened to cut the country’s oil and gas output by close to 25%.

HURRICANE DELTA ROILS OIL RIGS, SQUEEZES GASOLINE PRICES

“We had good support for both Brent

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U.S. Oil Industry Prioritizes Output Over Debt

Photographer: Angus Mordant/Bloomberg

Photographer: Angus Mordant/Bloomberg

Oil dropped for a second day as operations in the U.S. Gulf of Mexico started to resume following Hurricane Delta and Libya took a major step toward reopening its biggest field.

Futures in New York fell toward $40 a barrel after closing down 1.4% Friday as oil workers in Norway called off a strike. Crude explorers and tugboat operators got back to work on Saturday after Delta, which had seen about 92% of oil production and 62% of gas output shuttered. The hurricane and hopes for more U.S. fiscal stimulus contributed to a price jump of almost 10% last week.

Libya’s National Oil Corp. lifted force majeure on the western deposit of the Sharara field and instructed its operator to resume production, according to a statement on Sunday. Sharara’s output will reach its daily capacity of almost 300,000 barrels in 10 days, a person

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HOUSTON (Reuters) – Hurricane Delta shut power and toppled equipment at U.S. Gulf Coast oil refineries and closed oil-export ports as its destructive winds and storm surge reached far from its center.

FILE PHOTO: A fallen utility pole is seen after Hurricane Delta hit Cancun in the state of Quintana Roo, Mexico October 7, 2020. REUTERS/Henry Romero/File Photo

Nearly 700,000 homes and businesses in three Gulf Coast states were without power on Saturday after Delta made landfall overnight as a Category 2 hurricane with winds of 100 miles per hour (161 kph) near the town of Creole, Louisiana.

Delta’s fierce winds tore roofs off homes, cut electric power and disrupted energy operations as far away as Port Arthur, Texas, 65 miles (105 km) west of Delta’s landfall.

Total SA’s 225,500 barrel-per-day (bpd) refinery lost power, Valero Energy Corp’s 335,000 bpd plant lost a cooling tower, and Motiva Enterprises shut a

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HOUSTON (Reuters) – Hurricane Delta shut power and toppled equipment at U.S. Gulf Coast oil refineries and closed oil-export ports as its destructive winds and storm surge reached far from its center.

Nearly 700,000 homes and businesses in three Gulf Coast states were without power on Saturday after Delta made landfall overnight as a Category 2 hurricane with winds of 100 miles per hour (161 kph) near the town of Creole, Louisiana.

Delta’s fierce winds tore roofs off homes, cut electric power and disrupted energy operations as far away as Port Arthur, Texas, 65 miles (105 km) west of Delta’s landfall.

Total SA’s 225,500 barrel-per-day (bpd) refinery lost power, Valero Energy Corp’s 335,000 bpd plant lost a cooling tower, and Motiva Enterprises shut a small unit at its 607,000 bpd refinery amid the storm, people familiar with operations said.

Total quickly launched efforts to restart the oil-processing plant, the people

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By Bozorgmehr Sharafedin and Nerijus Adomaitis

LONDON/OSLO (Reuters) – Oil and gas is seen as a sector that offers relatively attractive pay, although average wages vary significantly from one country to another.

While workers in Norway are currently on strike over pay, they are among the highest paid in Europe, data shows, and receive double the salary of workers in Latin America. Still, they are far less well paid than Australian or American workers.

Following are details of how pay compares.

The average salary of full-time employees in oil and gas extraction, including support activities, in Norway was around 930,000 crowns, or $100,000, in 2019, according to Norway’s statistics office. The figure includes allowances and bonuses, and excludes overtime.

Norwegian workers’ union Lederne called a strike that began on Sept. 30, demanding higher wage rises this year than proposed by oil companies and equal pay and conditions for workers at

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