WTI crude prices rose sharply on Monday over concerns that Iran’s seizure of a British tanker last week may lead to supply disruptions in the Middle East and after Libya reported the shut down of its largest oil field. WTI crude was up by 0.4 percent, at 55.86 a barrel on the day.
Canadian wholesale trade fell in May after five months of gains, dropping 1.8 percent, Statistics Canada said on Monday. This decline was mainly driven by lower sales in the motor vehicle and auto parts industries. The Canadian dollar was trading slightly higher this morning, at 1.3186 levels against the greenback.
The British pound drifted lower against its major counterparts on Monday; results of the Tory leadership contest will be announced tomorrow with Boris Johnson expected to become the new Conservative Party leader and prime minister.
Louis Federal Reserve President James Bullard said that a 25bps rate cut in the upcoming Fed meeting would be appropriate. He also acknowledged that in the current scenario there is no need for larger rate cuts.