Compiled by Glen Hallick, MarketsFarm
WINNIPEG, Dec. 9 (MarketsFarm) – The following is a glance at the news moving markets in Canada and globally.
- Russian President Vladimir Putin stated on Friday that his country’s oil industry may cut production in response to the G7/European Union’s cap on its crude oil. Any notable cut would drive up benchmark prices. The cap took effect on Dec. 5 after G7 and the EU agreed to a US$60 per barrel cap on crude purchased from Russia. Also, other countries importing Russian oil and seeking insurance from a G7 or EU member must buy the oil with the same restrictions. Putin said that Russia won’t sell its oil to any country participating in the cap.
Read Also
Global Markets: Carney imposes tariffs to protect Canadian steel industry
By Glen Hallick Glacier Farm Media | MarketsFarm – The following is a glance at the news moving markets…
- Truck drivers in South Korea voted to end their two-week-old countrywide strike on Friday, a day after President Yoon Suk-yeol said the government would invoke tough strike-busting laws. The strike led to supply chain disruptions through South Korean, which reportedly cost its steel and petrochemical industries almost US$1 billion. The drivers’ union was demanding a permanent minimum pay system, while the government offered to extent the program for three more years.
- Just days after the Democrats scored a slim majority in the United States Senate, it was weakened on Friday when Arizona Sen. Krysten Sinema announced she has left the party to sit as an independent. She cited the excessive partisanship on Capitol Hill as her main reason. Sinema stated she won’t join the Republicans but declined to say if she will still caucus with the Democrats in the same manner as independent Senators Bernie Sanders (Vermont) and Angus King (Maine). Earlier this week, Sen. Raphael Warnock won re-election in the Georgia senate run-off, which gave Democrats a 51 to 49-seat majority.
