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Canada’s merchandise trade deficit widened more than forecast as crude oil prices tumbled, evidence the nation’s economic expansion is being curbed by an energy slump. Oil export prices dropped 15 per cent in October and the volumes shipped fell 0.9 per cent, reducing total shipments abroad for a third straight month, Statistics Canada said Thursday from Ottawa. The trade deficit grew to $1.17 billion, and the September shortfall was more than doubled after a revision to $891 million. Alberta Premier Rachel Notley speaks to cabinet members about an 8.7 percent oil production cut to help deal with low prices, in Edmonton on Monday December 3. The oil pinch led the Bank of Canada to pare back optimism about lifting interest rates to neutral at its latest decision Wednesday, and will likely dominate Prime Minister Justin Trudeau’s talks this week with provincial leaders. Earlier this month, Alberta Premier Rachel Notley ordered oil producers to cut output by 8.7 per cent starting in January after the discounton Western Canadian Select to U.S. benchmark prices widened to a record $50 (U.S.) a barrel. Economists at most major Canadian banks have cut economic-growth forecasts for next year because of reduced oil revenue and […]
