MID-DAY: Crude prices rise again as Venezuela flow cuts; BoC says debt level curbed by new mortgage rules
Bay Street is gaining again thanks to a boost in the energy sector from rising oil prices.
The TSX is growing 41 points to 16,225 as the price of US crude climbs to 65.74 a barrel. This comes as Venezuela crude output is dropping on geopolitical issues, but US output is also growing to balance the loss.
Traders are looking ahead to the G7 meeting in Quebec for more signs of a possible global trade war. Six of the countries are now paying tariffs on imports to the United States and experts say the world leaders will have the opportunity to talk to Donald Trump directly about their grievances.
Canada’s household debt level is getting curbed by stricter mortgage rules, but Bank of Canada Governor Stephen Poloz says the current debt level is still a concern.
Cannabis stocks will be at the forefront tomorrow as Canada’s senate makes a final decision on the legalization bill. Experts believe legalization is likely to hit in September.