BEFORE THE BELL: Oil prices continue to boost North American markets; Stats Can to release April jobs report
The gain in oil prices is expected to give strength to North American markets today. Analysts say the gains seen yesterday in the TSX and Dow will likely continue into today. Oil has gained as the US prepares to hit Iran with fresh sanctions. Oil flow is expected to dry up from the country, but producers are reportedly preparing to even out the demand with higher production in other countries. The price of US crude this morning is steady at 71.41 a barrel.
Gold is also continuing to grow up 2.40 to 1,324 an ounce. This is helping the Loonie which is up to 78.48 cents US.
Stats Can is expected to release its report on Canadian jobs in April. This will give investors a better idea of the state of inflation in the country.
Snapchat is struggling as it has been forced to roll back its recent redesign which has been criticized by its millennial users. The stock is down 10.97 in pre-market trading.