Oil prices surged Monday, capping their biggest three-day gain in 25 years, as the Organization of Petroleum Exporting Countries suggested it may be ready to scale back output and the government cut its estimates of U.S.
August is shaping up to be the cruellest month in stock markets this year, with stocks in Europe and Asia down more than 10 per cent since the beginning of the month.
The effect of low oil prices are starting to make an impact on Alberta finances, according to the province's first-quarter update released Monday, and the worst may still be to come.
Canadian Oil Sands Ltd., already hurt by weak oil prices and a string of operational problems at Syncrude Canada Ltd., is no longer shipping oil after a fire damaged part of its upgrading plant.
Economists say data out this week is likely to show that Canada slipped into a technical recession in the second quarter, but the contraction should be short-lived.