BEFORE THE BELL: Oil hits four-year high in US; Nestlé works on $7 billion deal with Starbucks
The Energy sector continues to gain this morning as crude prices move up once again. The price of crude in the states has pushed past the 70 dollar mark to 70.46 a barrel for the first time in four years. This comes as Donald Trump has threatened to cut trade sanction relief from Iran if Europe can’t fix the nuclear deal with the country. Venezuela is also having issues with crude production as that country faces an economic crisis.
A US dollar rally is hurting the Loonie, as the Canadian currency drops to 77.67 cents US. The strong dollar is also pushing back against gold as the precious metal slips to 1,313 an ounce.
The Loonie may get a boost at the end of the week when Stats Can releases a report on unemployment in April with analysts projecting about 20,000 new jobs were added last month.
Nestlé is working out a deal with Starbucks to offer its coffee products on shelves around the world. The deal is reportedly worth $7.15 billion.