- Crude market caught short after Russian comments
- Loonie breaks psychological C$1.40 handle with ease
Russian oil minister Novak is crossing on the wires and discussing the proposed OPEC/Non-OPEC meeting. He said Russia is ready to meet in any format. He clarified that the meeting is meant for energy ministers and that no firm agreement have been reached.
Oil has continued to gain on the comments and WTI crude is threatening to penetrate the $34 handle as we head into the North American session. Recent OPEC and non-OPEC comments have see the CAD trade in a large range over the past five sessions (CAD$1.4800-CAD$1.3980). Currently, many believe that producers could even have a meeting and get some potential ‘pledges’ but will they get a consensus to cut production?
USD/CAD is under pressure, breaking through CAD$1.40 handle with ease (C$1.3970), while the crude market is trading “short” and pushing oil prices higher (WTI $33.40, Brent $35.60).
More to follow