Oil prices were up more than 1% on Friday after renewed fighting in the Strait of Hormuz threatened a shaky ceasefire. Iran accused the US of violating the two countries' fragile ceasefire.
A federal court ruled against the new global tariffs that Trump imposed after a stinging loss at the Supreme Court. The Trump administration is conducting two investigations that could end in more tariffs.
US crude oil stockpiles were expected to have fallen last week, while distillate and gasoline inventories also likely fell. That came as US crude exports surged to record level.
Canada's oil sands sector could deliver significant long-term production growth, but industry leaders say expansion will depend heavily on new pipeline infrastructure to move crude abroad.
Growth in the global trade of goods will fall significantly by the end of next year if oil prices remain highly volatile, according to a study. That means major exporters could be put under pressures particularly.
The IMF director warns of an adverse scenario, which envisaged global growth of 2.5% and inflation above 5%. Iran is expected to take centre stage in the forthcoming summit between the US and China.
Brent crude saw a bearish reversal following the double top, so the ongoing rally could turn out to be short-lived. We see the price drop below $98 next week.
Asset recap
As of market close on 7 May, among EBC major products, Paycom Software shares led gains after posting stronger-than-expected Q1 growth. The company has approved a new share repurchase programme.
Shares of Zoetis crashed after the animal-health firm trimmed its full-year guidance, blaming fewer vet visits and weaker demand for premium treatments among US pet owners.
The FTSE 100 dropped as investors weighed Mideast peace prospects. UK investors favored equity funds in April after a record ten-month spell of selling, adding a net 1.1 billion pounds to equity funds.
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