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Oil prices higher on continued Mid-East tensions

By MoneyWay | May 14, 2019

Oil rose as Saudi Arabia reported drone attacks on pumping stations, the latest escalation in Middle East tensions after tankers were hit by sabotage over the weekend. Pump stations eight and nine on the East-West pipeline, which carries oil from Saudi Arabia’s eastern province to the Red Sea port of Yanbu, were attacked by armed drones, Energy Minster Khalid Al-Falih said in a statement. That ignited a fire that caused minor damage to station number eight, but it was eventually brought under control.

The Canadian dollar is slightly stronger to the USD, traders are not sure on how to react to Trump’s ongoing tweets and comments. The latest being that he believes that the U.S.-China trade talks will be successful and over in two or three weeks, this has been going on for some time and markets are becoming jaded with his latest comments.

Expect narrow ranges again.

                                Currently             Close                     Range

USDCAD               1.3465                   1.3478                   1.3458-1.3488

EURCAD               1.5095                   1.5126                   1.5087-1.5148   

GBPCAD               1.7397                   1.7463                   1.7381-1.7479

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