BEFORE THE BELL: Oil pulls back as production expected to push higher; Analysts expect North Korea diplomacy to rebound Wall Street
The price of crude is taking a step back as world producers attempt to balance out demand for oil. Reports say OPEC will push production to 1 million barrels of crude per day to offset expected loss from Venezuela and Iran. Crude prices started rallying last week, but this morning the price of US oil is down to 69.15 a barrel.
The Loonie, tied to the energy sector, is down to 77.30 cents US.
Meanwhile, Wall Street is expected to rebound this morning following a drop reportedly caused by Donald Trump on Thursday. A letter from the US President calling for the cancellation of a historic summit with North Korea was released shortly before the opening bell, causing the Dow to plummet. However, analysts say North Korea’s diplomatic response calling for more talks is expected to bring life back to the markets.
Samsung is facing a hefty fine for copying Apple’s smart phone designs. A judge has ordered the company to pay over $500 million to Apple.