Oil Proxy CAD Gets A Lift On Russian Comments
Oil Proxy CAD Gets A Lift On Russian Comments
- gross market caught short after the Russian comments
- Loonie breaks psychological handle with ease C $ 1.40
Minister of Russian oil through the Novak son and discuss meeting the proposal of the OPEC / non-OPEC. He said that Russia is ready to take in all formats. He said the meeting is for ministers of energy and that no firm agreement has been reached.
The oil continued to gain on the comments and WTI crude is threatening to enter the $ 34 handle as we head into the North American session. Comments from OPEC and non-OPEC recent view CAD trade in a wide range over the past five sessions (CAD-CAD $ 1.4800 $ 1.3980). At present, many believe that producers might even have a meeting and get some potential 'committed', but will they achieve consensus to reduce production?
USD / CAD is under pressure, breaking through the $ 1.40 CAD handle with ease (C $ 1.3970), while crude market is traded "short" and push prices higher oil prices ($ 33.40 WTI, Brent $ 35.60).
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