Oil prices have dropped sharply after a meeting of oil producers failed to agree an output freeze.
Brent crude fell 7% at one point before recovering some ground. In afternoon trade it fell 3.4% to $41.70 a barrel.
The meeting in Qatar was attended by most members of oil producers' group Opec, including Saudi Arabia, but not Iran.
Canada’s oil patch is expected to cut even further to the bone this year, capping the worst two-year period for spending in almost seven decades. The new forecast from the Canadian Association of Petroleum Producers came today, with an “urgent” call for new rules and a warning that “times are tough” amid the oil shock.
Canada’s main stock index roses slightly on Wednesday amid energy gains as oil prices rose. The most influential gainers included Valeant Pharmaceuticals International Inc., which rose 14.24 percent to $43.15, and Canadian Natural Resources Ltd., which advanced 4.1 per cent to $34.703.
The dollar fell on Tuesday to its weakest against the yen since October 2014 as investors’ view of riskier assets soured, pushing shares and oil prices lower as the outlook for U.S. interest rates remained clouded.
Oil prices hit one-month lows as prospects of Middle East producers agreeing to curb chronic oversupply faded, and other commodities also lost ground as the dollar stabilized after Friday’s strong U.S. data.
The two iconic brands of rotisserie chicken and special sauce have largely been operating in different parts of the country, with St-Hubert dominating the Quebec scene and Swiss Chalet operating mostly in English-speaking provinces.
