Oil edges higher on Biden withdrawal, Canada blaze
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More news: Global oil prices lifted after US President Joe Biden ended his re-election campaign, and as a wave of wildfires threaten production in Canada. An estimated 348,000 barrels a day of production are at risk, according to Alberta Wildfire and Alberta Energy Regulator data.
Global benchmark Brent rose 0.36% to US$82.93 ($124.30) a barrel by 12:40pm AEST, after posting its biggest one-day drop since early June, according to Bloomberg. West Texas Intermediate was up 0.39% to US$80.44.
However, in the local market, energy was the worst performing sector on the ASX, lowering 2.29%. Oil and gas majors Woodside Energy (-2.9%), Beach Energy (-2.3%), Karoon Energy (-1.7%), Santos (-1.2%) and Ampol (-0.1%) were all trading lower.
Gold and Bitcoin climb as Biden withdraws from US election
The news: Gold and Bitcoin both advanced after US President Joe Biden announced he is ending his re-election campaign, Bloomberg reported.
The numbers: Bullion rose as much as 0.5% in the early hours in Australia, and were up 0.35% to USD2,409.27 ($3,602.75) by 10:45am AEST.
Elsewhere, Bitcoin prices recovered from a dip immediately after Biden's announcement, to rise 0.88% to USD68,335.31.
The context: Gold gained on heightened uncertainty following Biden's decision to end his reelection bid. The move also triggered a slump in the US dollar, lending support to gold which usually benefits from a weaker US currency.
Bullion hit a record high last week on increased expectations of monetary easing by the US Federal Reserve. Lower rates are typically positive for gold which does not pay interest.
Bitcoin, meanwhile, was seen to benefit from Biden's withdrawal, perceived by some as a boost to Donald Trump's election campaign. Trump, considered by some as the "pro-crypto" candidate, is scheduled to speak at a major Bitcoin conference in Nashville on 27 July.
