By MarketsFarm
WINNIPEG, Apr. 21 (MarketsFarm) – The following is a glance at the news moving markets in Canada and globally.
Experts expect crude oil prices to continue to “fall off a cliff” following West Texas Intermediate’s unprecedented move into negative territory yesterday. The May contract closed at minus US$37.63 on Monday as traders bailed out of the contract before its expiry date. The June contract fared slightly better, holding above US$15 per barrel on Tuesday morning. The collapse is due to high inventories, a lack of storage space, and low global demand due to the COVID-19 pandemic.
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North Korea’s leader Kim Jong Un is reportedly in critical condition following a cardiovascular surgery last week. White House officials said Kim “took a turn for the worse after the procedure,” according to Bloomberg. However, South Korea’s president has said Kim is conducting “business as usual.” Robert O’Brien, United States National Security Advisor, told reporters that the Trump administration is “watching the reports closely.”
U.S. President Donald Trump has announced his intent to suspend immigration to the United States in order to “protect Americans from the coronavirus,” according to reports from NBC. In a tweet on Monday night, President Trump said “In light of the attack from the Invisible Enemy, as well as the need to protect the jobs of our GREAT American Citizens, I will be signing an Executive Order to temporarily suspend immigration into the United States!” The move has been resoundingly rebuked by Democratic lawmakers. House Judiciary Committee Chairman Jerry Nadler said Trump “seeks to distract us from his COVID-19 response by trying to put the blame on immigrants,” in a tweet.
