Canadian and U.S. stock markets rallied on Wednesday as oil prices sank amid hopes that the United States and Iran are nearing a deal that would allow ships to deliver crude.
“Some commentary from Trump earlier this morning on prospects that the U.S. and Iran would reach a deal to end the war has really jolted markets … and sent equities higher and oil lower,” said Kevin Burkett, portfolio manager at Victoria-based Burkett Asset Management.
He said there has also been a corresponding effect on interest rates where “some of the inflationary impact of elevated oil prices has been repriced and longer rates which had moved considerably higher in
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