Global Markets: U.S. to release oil reserves

By MarketsFarm

WINNIPEG, Nov. 23 (MarketsFarm) – The following is a glance at the news moving markets in Canada and globally.

– The United States will release 50 million of barrels of oil from its strategic reserves in an effort to help take oil prices off of their highs. The move was coordinated with a number of major oil consumers, including India, China, South Korea, Japan and the United Kingdom. The U.S. made the decision after repeated calls to OPEC+ nations to increase oil production were ignored.

– Turkey’s currency, the lira, fell 15 per cent on Tuesday, marking its second-worst trading day ever in response to sharp interest rate cuts backed by President Tayyip Erdogan. The currency has lost 45 per cent relative to the U.S. dollar over the past year, and 26 per cent in the last week alone. Economists have called the rate cuts, coming in the face of inflation near 20 per cent, as ‘reckless’ and urge a policy reversal.

– Canada’s recently re-elected Liberal minority government will begin its third term in office on Tuesday with a throne speech from Governor General Mary Simon. Recovery from the COVID-19 pandemic is expected to be a major focus of the next session of Parliament.

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