The Daily Chase: Regulators approve BMO-Bank of the West takeover; Price of oil climbs
BNN Bloomberg
Bank of Montreal is getting the green light for its US$16.3 billion acquisition of Bank of the West, clearing the final regulatory approval for its major U.S. expansion.
OIL HITS HIGHEST LEVEL SINCE EARLY DECEMBER
Oil prices are extending their gains, with U.S. benchmark West Texas Intermediate climbing above US$81 per barrel to hit the highest level since early December. Few things at play here, chief among them some optimism over a rebound in Chinese demand once the world’s second-largest economy makes it past the worst of its current COVID crisis, bringing buyers back into the fold. Earlier today, the International Energy Agency said that while oil markets are set to face a bigger surplus in the first quarter, things will tighten up in the back half of 2023, helping drive average demand to a new record high this year.
YEN PLUNGES AS BOJ JOLTS MARKETS
