Global Markets: U.S. to release 15M barrels of strategic reserve oil

By MarketsFarm

WINNIPEG, Oct. 19 – The following is a glance at the news moving markets in Canada and globally.

– United States President Joe Biden is expected to announce today that the country will release 15 million barrels of oil from its strategic reserve. The move comes in response to recently announced cuts to crude oil production by the OPEC+ group of nations. After drawdowns over the past few months, the U.S. strategic oil reserves contain roughly 400 million barrels – the lowest level since 1984.

– Canada’s consumer price index increased at an annual rate of 6.9 per cent in September, marking a slight decline from the 7.0 per cent rate of inflation reported the previous month, according to a report from Statistics Canada. However, many subsectors continued to see increased inflation, with food purchased in stores up by 11.4 per cent on the year – marking the largest annual increase in 41 years.

– Russian President Vladimir Putin has declared martial law in four Ukrainian regions, which will increase security measures in the contested region. A decree restricting movement in and out of eight regions adjacent to Ukraine was also issued.

---

Newsletter Sign Up - Get access to essential information on Canada’s cattle industry daily.

One email delivered 6 days a week for ranchers, feedlots, packers and livestock sales operators.

Your Email(Required)

Your Postal Code(Required)

Consent

I consent to receiving emails from Glacier FarmMedia, its affiliates and divisions and third parties, containing agriculture news, updates and promotions. I can unsubscribe at any time

Name

This field is for validation purposes and should be left unchanged.