The Daily Chase: Oil prices elevated ahead of OPEC+ meeting; Canadians still loving cheap money
BNN Bloomberg
West Texas Intermediate and Brent crude oil prices are holding near three-year highs this morning ahead of an OPEC+ meeting, where the big question is whether the cartel and its allies will stay the course or tweak the trend of monthly output hikes at a rate of 400,000 barrels per day.
West Texas Intermediate and Brent crude oil prices are holding near three-year highs this morning ahead of an OPEC+ meeting, where the big question is whether the cartel and its allies will stay the course or tweak the trend of monthly output hikes at a rate of 400,000 barrels per day. We’ll pay close attention as the energy subgroup remains the star performer for the S&P/TSX Composite Index this year amid growing concern about supply-demand imbalances.
CANADIANS CAN’T SHAKE THIRST FOR DEBT
The latest survey from MNP is reminding us that many Canadians can’t resist cheap money. Among the takeaways: 58 per cent of respondents said low rates are offering them an opportunity to buy things they couldn’t otherwise afford, and one out of every five respondents said they’re planning to avail themselves of buy now, pay later financing options. Meanwhile, more than one-third of respondents (35 per cent) said they’re worried that higher interest rates could push them into bankruptcy.
EVERGRANDE WATCH
Shares of the debt-laden property developer have been halted in Hong Kong amid a report that a deal is in the works to raise cash by selling a stake in its property services division. It comes at a crucial moment after a US$260-million bond that Evergrande guaranteed hit its maturity date yesterday.
HOT POTATOES IN D.C.
