Oil prices cannot really rally. When a recovery worth over 20% was seen, the words “bull market” came into play, but the bulls are stopped at the gates.
As the prices of crude oil slide, so does the Canadian dollar, which meets the crude reality of its No. 1 export. USD/CAD is trading over 1.25 once again.
The sharp falls in the number of rigs came from the less productive ones: the total supply of oil in the US and more in general in the whole world continues rising.
Fresh inventory data from the US shows a rise of 7.7 million in inventories, more than economists had expected but in line with the API data.
WTI crude oil is down below $50 once again, so is Brent and so is the Canadian dollar.
More: CAD: Another BoC Cut In March; – CIBC
Here is the recent chart:
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