Investing.com - Financial Markets Worldwide

After Sharp Increase, Oil Prices Decline By 7.3%

ByThe National Bank of Canada
Published 09/21/2012, 03:41 AM
Updated 05/14/2017, 06:45 AM

• After its 27.5% increase since the June 28 low, oil prices are down 7.3% compared to last Friday's closing price. Businesses that were waiting for the best time to implement a hedging strategy on oil prices could soon benefit from a golden opportunity.

• The decline in energy prices had a slight impact on the Canadian dollar which remains comfortably above parity. Unless markets crash as they did in 2008, the loonie will remain strong, a discouraging fact for Canadian exporters exporters. Brief corrections must be considered as opportunities for U.S. dollar sellers.

• Major economic indicators are expected today. Initial Jobless Claims figures will be released at 8:30 a.m., while Philadelphia Fed Manufacturing Index and Leading Indicators are expected at 10:00 a.m. Overnight, the Spanish government’s 3-year and 10-year bond auctions received lukewarm interest from investors. Spain and Italy’s credit spreads are up slightly and an official request for a bailout from Spain seems imminent.
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