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Loonie Falls on Sliding Oil Prices as Stockpiles Rise

Published May 24, 2018
  • Trump has decided to throw a new wrench into the gears of the US/China trade talks by considering a plan that would impose new tariffs of up to 25% on imported vehicles for reasons of national security.
  • North Korea again threatened to cancel the planned summit with Trump, saying it was ready for a nuclear showdown if the US doesn’t change its tone.
  • Weekly jobless claims in the US increased more than markets expected but are still at levels that suggest a robust labour market.
  • Oil prices are down this morning after an unexpected increased in US stockpiles of crude. There is also speculation that OPEC may increase output to offset the decline in Venezuelan production. WTI crude is down 1.49% to $70.77 and Brent crude down 1.20% to $78.84 at the time of writing.