BEFORE THE BELL: Oil prices continue to grow as Iran sanctions loom; Canadian Tire buys out Helly Hansen
Oil prices are in the spotlight this morning for investors as the US considers new sanctions against Iran. This comes after President Trump decided to pull from the Iran Nuclear Agreement. Experts say sanctions could include cutting down Iran’s oil export. Crude prices have been growing since and this morning, US crude is up to 71.53 a barrel. However, reports suggest US crude producers may open the taps more to balance out the demand.
This is helping boost the Loonie as it gains to 78.23 cents US.
Canadian Tire is expanding its reach in the clothing industry as it has announced it will buy Norwegian sportswear maker Helly Hansen for $985 million. Traders will be watching to see how investors react to the news later this morning.