MID-DAY: Oil continues to slump on reports of higher production; North Korea US tensions weight Wall Street
The price of crude is the main factor weighting the markets today. Oil prices are slumping as producers in Saudi Arabia and Russia vow to meet the demand predicted from a possible shortage in flow from Venezuela and Iran.
Yesterday US crude was above 70 dollars a barrel, today it’s slipping to 68.48. The TSX opened lower following the drop, and is down 20 points to 16,093. Analysts say Wall Street is facing the same issue across the border as the Dow is down 47 points to 24,764.
Uncertainty over North Korea US relations is also causing issues on Wall Street according to experts. However, reports suggest the leaders of both countries could still meet despite the cancellation of the summit by Donald Trump.