Another surge of optimism from OPEC
Crude oil prices returned to positive territory yesterday after several influential OPEC members shared their optimism regarding the possibility of reaching an agreement to reduce production. Iranian Oil Minister Bijan Namdar Zanganeh even stated that such a pact was “highly probable.” It should also be noted that Russia, a major producer, is open to taking part in this effort. At the end of the day, crude oil (WTI) was up 3.9% compared to where it stood on Friday.
The rally in energy prices has proved beneficial for the Canadian dollar, which gained ground against the U.S. dollar and the euro. The resilience that the loonie has shown over the past two weeks may be related to a sense of optimism regarding the outlook for energy prices. In short, both buyers and sellers would be well served by placing orders on the market.
Today, we’ll be keeping an eye on Canadian Retail Sales at 8:30 this morning, which will be the most significant economic indicator of the week in the country. Existing Home Sales will also be announced in the United States at 10 a.m.
