The Before the Bell report is compiled by editors of The Globe and Mail and is updated throughout the morning to reflect latest developments. Colin Cieszynski, Chartered Financial Analyst and Chartered Market Technician, is chief market strategist with CMC Markets.
December begins with crude oil still in rally mode building on Wednesday’s explosive gains as traders respond favourably OPEC’s agreement to cut production. A meeting with non-OPEC producers is planned for next week to nail down that side as well. Progress toward managing supply after a two-year war over market share that depressed prices is being seen as a positive for the oil market regardless of the actual details. WTI is trading up 0.8 per cent near the $50 (U.S.) level, just below the top of the trading range that has been in place for the last six months.Report Typo/Error
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