Oil prices continue to walk tightrope

By MoneyWay | Sep 12, 2019

Oil prices swayed into positive and negative territory this morning, oil fell after the International Energy Agency highlighted the difficulty that OPEC and its allies face in balancing the market. Prices earlier had a brief bump higher on news that Trump administration officials were considering an interim trade agreement with China but White House officials denied that report, according to CNBC.

The European Central Bank cut rates by 10 basis points, Mario Draghi pledged indefinite stimulus on Thursday to revive an ailing euro zone economy, tying the hands of his successor for years to come and sparking an immediate conflict with U.S. President Donald Trump. The bigger-than-expected stimulus will increase pressure on the U.S. Federal Reserve and Bank of Japan to ease policy next week to support a world economy increasingly characterized by low growth and protectionist threats to free trade.

                                Currently             Close                     Range

USDCAD               1.3213                   1.3194                   1.3177-1.3218

EURCAD               1.4621                   1.4527                   1.4435-1.4633

GBPCAD               1.6315                   1.6260                   1.6226-1.6324

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