The Daily Chase: Oil prices rise; Bank of Canada to release Business Outlook Survey - BNN Bloomberg

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Oil prices are surging – up as much as eight per cent this morning – after OPEC+ blindsided traders with a surprise production cut.

The cartel is taking a hatchet to production quotas, announcing a further curtailment of 1.16 million barrels per day starting in May and running through the end of this year, further crimping supply at a time when prices have been drifting lower. Between yesterday’s announcement, last fall’s two million barrel per day production cut and Russia’s voluntary decision to trim output by a half million barrels per day, we’re now looking at quotas that are about 3.

Teck says its board received, and unanimously rejected, and unsolicited and “opportunistic” acquisition proposal from the global commodities heavyweight, declaring that Teck is not contemplating a sale of the entire company at this time.

Tesla has notched another quarter of record deliveries after some aggressive price cuts, delivering nearly 433,000 vehicles in the first quarter – up 36 per cent year-over-year, and four per cent sequentially. Saputo is selling a pair of fresh milk processing facilities in Australia for $95 million to grocer Coles Group

WonderFi, Coinsquare and CoinSmart are combining to create Canada’s largest regulated crypto asset trading platform, confirming earlier reporting by BNN Bloomberg.Notable data: Calgary Real Estate Board home sales, S&P Global Manufacturing PMI, Auto Sales, ISM Manufacturing PMI, U.S. Construction Spending1030: BoC Business Outlook Survey and Survey of Consumer Expectations

 

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A trader that was blindsided would have to be the most Ill informed of all time.

No surprise. They warned Biden.

Opec saying good morning to North America and saying good luck controlling inflation. Dirty move. Maybe another .25 incoming now.

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