Crude Oil Slips Below $50 A Barrel
The National Bank of Canada | Mar 10, 2017 12:29AM ET
For the first time since December, a barrel of WTI is below 50 USD, after losing close to 5.7% in trading yesterday. U.S. inventories are up sharply, which appears to have been the trigger for the drop in price. U.S. oil output has been rising for three weeks. The 9.09 million barrels/day produced have driven inventories to their highest level since 1982!
Even as we go to press, WTI still appears vulnerable and is down another 2%. Unsurprisingly, the Canadian dollar has also failed to perform well in the past few hours. The USD/CAD pair is trading this morning at its highest level in the past 10 weeks and appears poised to test the highs seen last November and December.
Today, we’ll be keeping an eye on weekly Initial Jobless Claims numbers in the United States and the New Housing Price Index in Canada for January.
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