Canadian economy posts biggest monthly gain in two years
“Essentially, Canadians came out of hibernation in May, and the economy benefited big-time,” Bank of Montreal chief economist Douglas Porter said in a research note.
Economists said the strong May puts GDP on track for second-quarter growth of about 3 per cent annualized – roughly double the average pace of the previous three quarters – even with indications that the economy likely cooled in June. That would top the Bank of Canada’s most recent official estimate of 2.8 per cent.
https://www.theglobeandmail.com/amp...nomy-posts-biggest-monthly-gain-in-two-years/
Oil posts biggest monthly loss in two years as OPEC boosts output
Oil prices fell on Tuesday, closing out the largest monthly decline in two years on supply worries after OPEC output reached a 2018 high in July, overshadowing reports that the United States and China might reopen trade talks that could boost demand.
October Brent crude futures fell $1.34 to settle at $74.21 a barrel. The September contract, which expires later on Tuesday, settled at $74.25. U.S. crude futures fell $1.37, or nearly 2 percent, to settle at $68.76.
Brent lost more than 6 percent in July, while U.S. crude futures slumped about 7 percent, the biggest monthly decline for both benchmarks since July 2016.
Oil prices extended losses in post-settlement trade, with U.S. crude at $68.32 a barrel, after data from the American Petroleum Institute showed domestic crude inventories rose 5.6 million barrels last week.
A Reuters poll forecast stocks fell 2.8 million barrels. The U.S. Energy Information Administration data is due on Wednesday.
https://www.theglobeandmail.com/amp...rude-set-for-biggest-monthly-drop-since-2016/
“Essentially, Canadians came out of hibernation in May, and the economy benefited big-time,” Bank of Montreal chief economist Douglas Porter said in a research note.
Economists said the strong May puts GDP on track for second-quarter growth of about 3 per cent annualized – roughly double the average pace of the previous three quarters – even with indications that the economy likely cooled in June. That would top the Bank of Canada’s most recent official estimate of 2.8 per cent.
https://www.theglobeandmail.com/amp...nomy-posts-biggest-monthly-gain-in-two-years/
Oil posts biggest monthly loss in two years as OPEC boosts output
Oil prices fell on Tuesday, closing out the largest monthly decline in two years on supply worries after OPEC output reached a 2018 high in July, overshadowing reports that the United States and China might reopen trade talks that could boost demand.
October Brent crude futures fell $1.34 to settle at $74.21 a barrel. The September contract, which expires later on Tuesday, settled at $74.25. U.S. crude futures fell $1.37, or nearly 2 percent, to settle at $68.76.
Brent lost more than 6 percent in July, while U.S. crude futures slumped about 7 percent, the biggest monthly decline for both benchmarks since July 2016.
Oil prices extended losses in post-settlement trade, with U.S. crude at $68.32 a barrel, after data from the American Petroleum Institute showed domestic crude inventories rose 5.6 million barrels last week.
A Reuters poll forecast stocks fell 2.8 million barrels. The U.S. Energy Information Administration data is due on Wednesday.
https://www.theglobeandmail.com/amp...rude-set-for-biggest-monthly-drop-since-2016/
