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.
Oil prices extended an impressive bounce from last week's multiyear lows, although prominent forecasters are skeptical that the rally has lasting power.
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.