BEFORE THE BELL: Chinese tariffs tank US crude prices; US sanctions hit Russian Ruble hard
China’s retaliation on US tariffs is hitting crude prices hard.
The $16 billion in tariffs announced by China will include oil products from the US, except for crude itself. This is hitting the price of US crude as it falls to 66.94 a barrel this morning.
The US is also involved in other global market volatility as the Russian Ruble falls on the announcement of American sanctions on the country. The White House announced the sanctions as it stands firm with the UK condemning a nerve agent attack in Britain, believed to be Russian-caused.
The TSX will likely see more trouble this morning as the Saudis continue to flex their financial might over Canadian assets as tensions grow between the two countries. Although Saudi has confirmed the spat will not affect a long-standing oil supply agreement it has with Canada.
The Loonie is slipping to 76.74 cents US.