Oil prices rebounded on Wednesday as the Petroleum Status Report showed shrinking supplies of U.S. gasoline, suggesting more demand ahead for crude suppliers. West Texas Intermediate crude for June delivery advanced 6 cents to $61.84 a barrel on the New York Mercantile Exchange at 10:53 a.m. local time. It had earlier fallen as low as $60.85 earlier in the session as signs of rising U.S. oil supplies offset concerns about tensions in the Middle East.
Canada’s annual inflation rate increased for a third month in a row as gasoline costs continue to escalate, in part due to new taxes on energy. Annual consumer price inflation rose to 2.0% in April, Statistics Canada said Wednesday in Ottawa, up from 1.9% a month earlier. Inflation is now exactly at the Bank of Canada’s target, and was in line with analyst expectations for April. Core measures — seen as a better gauge of underlying pressures — ticked down to 1.9%, from 2%.
The Canadian dollar is stronger to the USD based on this news still within the range though, expect further range trading. The 30 day simple moving average is 1.3408.
Currently Close Range
USDCAD 1.3436 1.3462 1.3436-1.3494
EURCAD 1.5053 1.5083 1,5051-1.5115
GBPCAD 1.7291 1.7373 1.7284-1.7416
CA: Consumer Price Index April M/M 0.7% 0.4%
US: Retail Sales April M/M 1.7% 0.2%
Industrial Production April M/M 0.2% -0.5%
Petroleum Status Report wk5/10
Crude Oil -4.0 M Brls 5.4 M Brls
Gasoline -0.6 M BRls -1.1 M Brls
Empire State Mfg Survey May 10.1 17.8
Housing Market Index May 63 66