The Daily Chase: Oil slips from seven-year high; Small businesses appeal to feds for help

The price of oil has levelled off this morning after West Texas Intermediate crude hit a fresh seven-year high north of US$82 per barrel yesterday and triggered another wave of concern about global inflation.

The price of oil has levelled off this morning after West Texas Intermediate crude hit a fresh seven-year high north of US$82 per barrel yesterday and triggered another wave of concern about global inflation. The breather isn’t arresting talk of more gains ahead; notably, Nouriel Roubini told our Bloomberg partners he reckons oil will hit US$100 per barrel “in the next few months.” We’ll fold this into our markets coverage today and consider how the inflation storyline will factor into the earnings season that’s about to take hold in the United States.

CFIB PLEADS WITH FREELAND FOR AID

The Canadian Federation of Independent Business has delivered a laundry list of requests to Deputy Prime Minister and Finance Minister Chrystia Freeland as the country’s small- and medium-sized businesses drown in debt and face the prospect of soon-to-expire aid programs. Among the requests: extend and enhance the wage and rent subsidies, expand the Canada Emergency Business Account, and tighten up the Canada Recovery Benefit – which the CFIB says is “contributing to a growing shortage of part-time labour availability across Canada.”

PALACE INTRIGUE AT ROGERS

Where will the reported power struggle at Rogers Communications lead the telecom as it navigates the arduous task of closing its planned takeover of Shaw Communications? The Globe and Mail reported over the weekend that the abrupt exit last month of Chief Financial Officer Tony Staffieri was the result of a power struggle between Chairman Edward Rogers and CEO Joe Natale. We’ll watch Rogers shares closely today and chase reaction.

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