MID-DAY: Crude prices back off rally as production soars; Loonie boosts on positive factory sales report
The oil demand may be cooling despite a possible cut in supply from Iran. Analysts say crude prices have backed off from a rally as production in other countries has been pushing higher. Experts say the inventory of crude in the US is up to 435.6 million barrels. The price of crude has dropped to 71.02 a barrel.
The TSX is down to 16,069 weighted by the drop in the energy sector. Across the border Dow is up to 24,732.
The Loonie is boosting on a positive report on Canadian factory sales, up to 78.10 cents US.