Compiled by Glen Hallick, MarketsFarm
WINNIPEG, March 4 (MarketsFarm) – The following is a glance at the news moving markets in Canada and globally.
– Brent crude oil could top US$185 per barrel by the end of 2022 if Russian supplies were to remain off of the international market, according to a statement from JPMorgan Chase & Co. on Thursday. The financial house noted that about two-thirds of Russian oil is having great difficulty finding buyers due to array of economic sanctions placed on Russia after it invaded Ukraine. That price per barrel was predicated on the assumption that Iranian oil wouldn’t return to the global marketplace as well. During trading on Thursday, Brent at one point was slightly below US$120/barrel, marking a 14-year high. West Texas Intermediate reached US$116/barrel before both crudes eased back on new progress was being made in a nuclear deal with Iran.
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By Glen Hallick Glacier Farm Media | MarketsFarm – The following is a glance at the news moving markets…
– Fresh reports stated that Russian forces captured Ukraine’s Zaporizhzhia nuclear power plant on Friday. A blaze at Zaporizhzhia, Europe’s largest nuclear power plant, was extinguished on Thursday. The International Atomic Energy Agency said a type of projectile struck a training facility, causing the fire. The IAEA said there were no radiation leaks and two people were injured, but Ukrainian officials said several people were killed and injured. Zaporizhzhia hasn’t been the first nuclear facility attacked by the Russians during the now eight-day-old war. In the early going, there was a battle near the former Chornobyl plant, infamous for its 1986 meltdown.
– The World Bank warned on Friday that Russia’s invasion of Ukraine could be an “economic catastrophe” for the global economy. World Bank president David Malpass stated it remained too early if the conflict would trigger a global economic recession, but that rising inflation was already posing a serious challenge. Malpass said food and energy were becoming increasingly expensive and hurting the poor the most. He indicated that the World Bank was putting together a US$350 million aid package for Ukraine.
