Yesterday, it was European Central Bank President Mario Draghi’s turn to be grilled as he appeared before the EU Parliament. Much like Janet Yellen last week, Mr. Draghi said that he was concerned about volatility and deteriorating market sentiment. In short, Super Mario is again ready to take action if necessary to bolster the European economy as soon as the next ECB meeting on March 19. In the meantime, the Saudi and Russian Oil Ministers held a “secret” meeting this morning that was announced yesterday during which they agreed to maintain production at January levels. Considering that the quantity of crude oil extracted last month represented a record level, crude prices rapidly stabilized after the initial jubilance. Other talks have been promised for tomorrow involving Iraq and Iran, when officials will try to convince the latter country to sway from its plan to ramp up its market share. On the currency front, little reaction other than a slight rise in the usual crude oil bloc such as the Australian, New Zealand and Canadian dollars. The loonie briefly climbed above the 73-cent threshold, but was unable to hold onto its gains. Have a great day!
