Oil prices gain as a huge drop in U.S. crude stockpiles added momentum to a market already rallying on the standoff between Washington and Tehran.
Futures in New York climbed as much as 3.6%, after the U.S. Energy Information Administration said domestic inventories fell by 12.8 million barrels last week, the biggest decline since September 2016. The draw beat out estimates by analysts and industry sources in recent days.
The Canadian dollar is stronger on the back of this news, expectations are that although the U.S. will cut interest rates in July due to its slowing economy, Canada’s on the other hand is moving nicely. The Bank of Canada is in no hurry to follow the Fed, expect CAD to remain strong.
Currently Close Range
USDCAD 1.3125 1.3169 1.3123-1.3196
EURCAD 1.4935 1.4969 1.4925-1.4984
GBPCAD 1.6648 1.6709 1.6636-1.6730
US: Durable Goods Orders May M/M -2.8% -1.3%
International Trade In goods May $-70.9B $-74.6B
Petroleum Status Report wk6/21
Crude Oil -3.1 M Brls -12.8 M Brls
Gasoline -1.7 M Brls -1.0 M Brls