Crude Oil Futures Settle Sharply Higher

Saskatchewan Health Authority urges vigilance after coronavirus cases reported around province

The Saskatchewan government gave an update on new coronavirus cases in the province on Friday, reporting single-digit rises in cases and recoveries.

Health officials said there were two new cases, with the overall total for the province rising to 815 since the first case was reported March 11.

Fiat Chrysler recalls 900,000+ vehicles due to faulty air bag covers

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Fiat Chrysler Automobiles NV said on Friday it would recall about 925,239 of its older model vehicles in the United States to replace air bag covers on their steering wheels after 14 potentially related injuries.

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VOLVO CARS RECALLS NEARLY 2.1 MILLION CARS WORLDWIDE

The recall is limited to 2007-2011 Dodge Nitro SUVs, 2008-2010 Chrysler Town & Country and Dodge Grand Caravan minivans, the Italian-American automaker said.

FIAT CHRYSLER RECALLS VEHICLES TO FIX BACKUP CAMERA DISPLAYS

The move follows an FCA investigation that found these vehicles were equipped with certain clips that may loosen and disengage over time, and in case of a driver-side air bag deployment the clips could act as projectiles.

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Fiat Chrysler said none of the potential injuries involved occupants of front-passenger or rear seats and that the air bags were not supplied by Takata.

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U.S. Senate panel to vote on Trump Fed nominees on July 21

July 10 (Reuters) – U.S. Senate Banking committee members will vote July 21 on two nominees to the Federal Reserve Board, economist Judy Shelton and St. Louis Fed chief researcher Christopher Waller.

President Donald Trump nominated the two for U.S. rate-setting roles earlier this year, when he was regularly berating Fed Chair Jerome Powell for not easing monetary policy and was seeking to put advocates of looser policies on the Federal Reserve Board.

Since then the coronavirus pandemic has hit and the Fed slashed rates to zero and injected unprecedented trillions of dollars into financial markets to stabilize them.

Moffat County wildfire is 70% contained

The Streeter Fire in Moffat County is 70% contained after firefighters have spent nearly a week battling it.

The fire’s cause is unknown and remains under investigation, according to a news release from the Moffat County Sheriff’s Office. So far, the blaze has burned more than 1,600 acres.

The fire forced the closure of the ColoWyo mine, but it has returned to normal operations. The majority of people who lost power after utility lines burned have had their electricity restored, the sheriff said.

Firefighters expected further containment on Friday, the news release said.

Hamilton board of health approves bylaw making masks mandatory in indoor public spaces

The City of Hamilton has taken a major step toward making non-medical face masks mandatory within indoor public spaces to prevent the spread of COVID-19.

Brazil's Bolsonaro appoints evangelical pastor as new education minister

RIO DE JANEIRO (Reuters) – President Jair Bolsonaro has appoint Milton Ribeiro, an evangelical pastor and former army lieutenant, as the nation’s new education minister, he said on a Facebook post on Friday.

Venezuela Oil Minister Gets Covid-19 Days After Meeting Maduro

Venezuela’s Oil Minister Tareck El Aissami said he’s tested positive for Covid-19 five days after a televised meeting alongside President Nicolas Maduro.

He is the second close ally of President Maduro to contract the virus this week, following Socialist Party VP Diosdado Cabello, who announced his positive resulton Thursday. El Aissami tweeted on Friday that he was isolated and undergoing medical treatment.

He was last publicly seen in a July 5 meeting of a government commission to fight the coronavirus alongside senior government officials and President Maduro in the presidential palace in Caracas. All but Maduro were shown wearing masks.

Venezuela has reported a surge in Covid-19 cases this month, with a record of 419 new infections reported on July 5.

Omar Prieto, governor of Zulia province, has also tested positive for the virus, President Nicolas Maduro said in a speech on Thursday. The western state has been particularly affected, with its hospitals overwhelmed.

— With assistance by Alex Vasquez, and Fabiola Zerpa

Crude Oil Futures Settle Sharply Higher

Crude oil futures settled higher, rebounding well after recent losses and a weak spell Friday morning, thanks to an upward revision energy demand forecast by the International Energy Agency (IEA).

Prices drifted lower earlier in the day amid lingering uncertainty about energy demand outlook in the wake of the relentless surge in coronavirus cases across U.S. and several other countries.

The announcement from Libya National Oil Corporation that it has lifted its force majeure on all oil exports after a half-year blockade by eastern forces also weighed on oil prices early on in the session.

West Texas Intermediate Crude oil futures for August ended up $0.93 or about 2.4% at $40.55 a barrel, well off an early low of $38.54 a barrel.

WTI crude futures for August lost about 0.2% in the week.

Brent Crude oil futures moved up $0.90 or about 2.2% to $43.25 a barrel.

The IEA says in its report that the worst of the oil market downturn from the coronavirus pandemic has passed. The agency has raised its demand forecast to 92.1 million barrels per day, up 400,000 barrels per day from its outlook last month, citing a smaller-than-expected second-quarter decline.

A report from Baker Hughes said U.S. oil rigs fell by four to 181 this week, their lowest since June 2009, while gas rigs dropped by one to 75, matching its record low hit a couple of weeks ago. Oil rigs count fell by 3 last week.

The total active U.S. rig count, meanwhile, fell by 5 to 258, according to Baker Hughes’ report.