Global Markets: Oil prices to rise

By MarketsFarm

WINNIPEG, Aug. 11 (MarketsFarm) – The following is a glance at the news moving markets in Canada and globally.

• Oil prices will potentially climb higher through 2023 before running into economic headwinds in 2024, according to a new report from the International Energy Agency (IEA). “Deepening OPEC+ supply cuts have collided with improved macroeconomic sentiment and all-time high world oil demand,” said the Paris-based IEA in its monthly report.

• Hawaiian wildfires have now killed at least 55 people, with that number expected to rise as fires continue to blaze on Maui leaving thousands homeless. The destruction of the resort town of Lahaina is expected to take billions of dollars and many years to rebuild.

• Ukrainian President Volodymyr Zelenskyy announced the firing of all the heads of the country’s regional military recruitment centres, citing corruption concerns.

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