The Daily Chase: Oil prices climb; Markets point to mixed open

Oil prices are on the rise after Saudi Arabia announced it will cut its production by another one million barrels per day starting from July.

TO RAISE, OR NOT TO RAISE

The Bank of Canada’s next policy meeting is Wednesday and given the latest inflation and better-than-expected GDP data, an interest rate hike this week isn’t completely off the table. Interest rate swaps are pricing in a little more than a 40 per cent chance the central bank raises its benchmark rate a quarter point to 4.75 per cent. However, many analysts and investors are expecting Governor Tiff Macklem to hold off until July before raising the bank’s key lending rate. The central bank has been on hold since January.

U.S. FUTURES FLUCTUATE FOLLOWING FRIDAY'S RALLY