A look at Friday morning’s market action
this year, but it won’t feel as severe as other downturns the country has experienced over the past few decades.
On the corporate side, Air Canada, the country’s biggest carrier, reports earnings before the start of trading. The day range on Brent was US$83.26 to US$84.87 in the early premarket period. The range on West Texas Intermediate was US$76.62 to US$78.25.“Oil prices are trading lower because Fed hike fears keep the U.S. economy in a recession’s shadow,” Stephen Innes, managing partner with SPI Asset Management, said.
As well, Reuters reports that the Vedomosti newspaper said on Friday Russian oil producers expect to maintain current volumes of crude oil exports, despite the government’s plan to cut oil output in March. The report cited unnamed sources familiar with the companies’ plans.Spot gold was down 0.8 per cent at US$1,822.82 per ounce by early Friday morning, after earlier falling to its lowest since late-December. Gold is down more than 2 per cent for the week so far.
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