BEFORE THE BELL: Oil prices slip ahead of Trump decision on Iran; WestJet falls short of revenue expectations
Oil prices are sliding slightly as investors wait to see if Trump pulls out of the Iran Nuclear Agreement. The US President indicated he’d make a decision this afternoon on whether or not he’ll pull out and impose sanctions on Iran, which experts say will affect the major oil flow coming out of that country. With Venezuela’s oil production drying up due to economic issues this could potentially push crude prices even higher. The price of crude is down to 69.80 ahead of the announcement.
Canadian airliner WestJet is coming up short of analyst projections in its latest quarterly report. The company reported net earnings dropped almost ten million to $37.2 million.
Traders are watching as Shell announced it was selling its eight per cent stake in Canadian Natural Resources looking for about $4.3 billion or 4.10 a share.
This morning the Loonie is struggling with the crude price slide and against its strengthening US counterpart. The Canadian currency is down to 77.14 cents US.