EU Proposes to Extend the Brexit Deadline | WTI Oil Prices Hold Steady
Published October 28, 2019
The European Union agreed on Monday to delay Brexit until January 31 next year and the decision is expected to be formalized through a written procedure. The UK was previously scheduled to leave the European Union on October 31, however, there is currently no trade deal in place.
Russian Energy Minister, Alexander Novak confirmed last week that his nation is coordinating with Saudi Arabia and other OPEC members to stabilize the oil market and stem the weakness in oil prices. WTI oil prices were steady on Monday with crude oil trading at around $56.51 per barrel.
The Canadian dollar strengthened this morning, mainly driven by the positive crude oil prices and is trading at 1.3060 levels. This week, markets will be closely eyeing the US Federal Bank and Bank of Canada Monetary Policy decisions which are scheduled on October 30.