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Weekly news summary for December 25 to December 29, 2020

Friday, Dec. 25, 2020: Air Canada Boeing 737 MAX Encounters Engine Issue

Air Canada said on Friday one of its reactivated Boeing 737-8 MAX encountered an engine problem, leading the crew to divert their original Montreal-bound flight to Tucson, Arizona.

According to the airline, the crew received a left engine hydraulic low-pressure alert shortly after takeoff from Marana, Arizona on Tuesday, stating that the aircraft then diverted to Tucson, where it landed normally and remains.

Monday, Dec. 28, 2020: Trump Signs $900B COVID-19 Relief Package

US President Donald Trump signed on Monday the bill authorizing the $900 billion COVID-19 relief package measures agreed by the Congress before Christmas.

The House of Representatives is set to vote later on increasing coronavirus relief checks to $2,000 from the $600 expected in the stimulus bill, with the House Democrats signaling to support the bill, but the outcome of the proposal remained uncertain over the Republican-controlled Senate.

Tuesday, Dec. 29, 2020: Oil Prices Up on Rising Fuel Demand Expectations

Oil prices were up for the third time in four sessions on Tuesday, driven by the possibility of stronger fuel demand as the US may increase its coronavirus stimulus package, and a final Brexit agreement is likely to stabilize trade between Europe and the UK.

Brent crude oil futures added 0.6% to $51.25 per barrel, while West Texas Intermediate crude oil futures rose 0.8% to $48.01 per barrel, although chief global market strategist Stephen Innes said the oil markets’ gains might be limited due to the new COVID-19 strain and the OPEC meeting overhangs.

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