Crude Oil And The Loonie On The Rise
The National Bank of Canada | May 15, 2017 08:28AM ET
Let’s take a step back and look at the highlights of recent days to start off the week on the right foot: disappointing U.S. economic indicators released on Friday, including inflation below the target level of 2%, and Retail Sales that failed to meet economists’ expectations put the brakes on the U.S. dollar’s gains. The USD nevertheless saw its best performance in five weeks, gaining close to 2.6% against the other major currencies. Turning to crude oil, WTI also saw three days in positive territory after a report was released last Wednesday confirming that U.S. inventories were down.
After meeting in Beijing, the Saudi and Russian Energy Ministers agreed to extend output cuts until the end of the first quarter of 2018. This is the first time that they have set out a precise schedule beyond the six months provided for in the initial agreement. As a result, WTI is continuing on the surge it began last week, up close to 3% this morning. The loonie is also up, rising 0.7%.
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