Oil edges higher after weekly loss as slowdown hangs over market - BNN Bloomberg

West Texas Intermediate futures flipped between gains and losses near US$85 a barrel after earlier adding as much as 1.5 per cent. In a speech on Sunday opening the 20th Communist Party congress, Chinese President Xi Jinping signaled no change in direction for China’s strict COVID Zero policy, a strategy that has dragged on its economy this year.

Sluggish growth in China has added to a raft of bearish factors for oil, including aggressive monetary policy by central banks to try and tame inflation and a stronger U.S. dollar. That’s overshadowed oil production cuts from the OPEC+ alliance that take effect from November. The International Energy Agency last week warned that the output curbs could tip the global economy into recession, while the U.S. criticized the cuts. White House National Security Adviser Jake Sullivan said options for re-evaluating US-Saudi relations include “changes to our approach to security assistance.” He spoke Sunday on CNN’s “State of the Union.”

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Globe editorial: Oil sands companies are finally putting in real money to cut emissions. And the Liberals are suddenly talking nice about oil and gasOttawa and oil sands companies are starting to sing in harmony, in recognizing how much work industry has to do to cut emissions and Ottawa becoming more open to the importance of oil and gas to our prosperity and security If the Liberals are finally talking nice about oil and gas, it is long, long overdue. Finally? Haven't they been doing it for the past 16 years? Radical extremist oil and gas policies are politically destabilizing the entire world and gigantically damaging Canada’s financial health. Voting extremist left Liberals, NDP and Green makes the entire world riskier, costlier and far less fair to all.
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