MID-DAY: Energy sector boosting on crude price gains
An energy sector boost is leading to gains on Bay Street. The TSX is up 107 points to 15,836. This is primarily due to another jump in crude prices as US production is outweighed by geopolitical tensions in Iran, after President Trump threatened to pull sanction relief from the country if its nuclear deal isn’t fixed. Chevron is also cutting oil production in Venezuela due to economic issues in the country. The US price of oil jumped above 70 dollars for the first time in four years this morning and is still up at 70.51 a barrel.
Apple is getting another boost after Berkshire Hathway CEO Warren Buffett said he likes the company’s stock so much he’d love to own 100 per cent of it. Apple shares have jumped another 3.50 to 187.30 following the comments.
The Loonie continues to struggle slipping to 77.79 against its US counterpart as it continues to grow on a strong economy and lower unemployment rate.