WINNIPEG, Apr. 20 (MarketsFarm) – The following is a glance at the news moving markets in Canada and globally.
A gunman in Nova Scotia posed as a member of the Royal Canadian Mounted Police and killed over a dozen people over 12 hours across the province. The gunman was then shot in a standoff with police. Among the dead was Heidi Stevenson, a 23-year veteran of the RCMP. “Today is a devastating day for Nova Scotia and it will remain etched in the minds of many for years to come,” said RCMP Commanding officer Lee Bergman on Sunday evening.
Oil futures were in free-fall this morning as May contracts are set for delivery. Despite massive cuts agreed to by OPEC, its allies, and other countries in the G20, massive reserves, lack of storage space, and low demand due to the COVID-19 pandemic have weighed on futures. Oil expert have warned that production cuts were not sufficient. West Texas Intermediate dropped by over 37 per cent at US$11.47 per barrel on Monday morning, and Western Canadian Select was down 15 per cent at US$11.77.
Statistics Canada reported wholesale sales were up by 0.7 per cent in February to total C$67.5 billion. Economists were expecting a decline of 0.4 per cent due to rail blockades and the COVID-19 pandemic. Motor vehicle sales were behind the growth in this sector, gaining 4.2 per cent to total C$4.2 billion.