In New York, the Dow Jones industrial average was down 17.73 points at 34,645.99. The S&P 500 index was down 25.56 points at 4,461.90, while the Nasdaq composite was down 144.28 points at 13,773.61.
Meanwhile, energy stocks rose as the price of oil continued its steady march towards US$90 per barrel.Oil prices have been rising on a tighter supply outlook, driven by ongoing production cuts by OPEC plus. And while there have been concerns about global demand with China’s shaky economic reopening, the latest monthly report from OPEC plus predicted global demand will increase by 2.25 million barrels per day in 2024.
The Bank of Canada has noted that it expects inflation to rise in the short term because of higher oil prices.
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