Bay Street Likely To Open Lower As Oil Tumbles

(RTTNews) - Canadian shares look set to open lower on Friday as oil prices tumbled amid the buzz that OPEC would raise output to counter shrinking exports from Iran following the U.S. move to end sanction waivers.

Global benchmark Brent crude tumbled 1.7 percent to $73.06 per barrel, after having risen above $75 per barrel for the first time this year on Thursday as Germany, Poland and Slovakia suspended imports of Russian oil via a major pipeline over quality issues.

U.S. West Texas Intermediate (WTI) crude futures were down 1.6 percent at $64.19 per barrel.

Meanwhile, gold prices rose as growth worries lingered ahead of U.S. gross domestic product data due out later in the day.

The pace of U.S. growth is expected to slow to 2.1 percent in the first quarter from 2.2 percent in the fourth quarter due to the impact of the government shutdown.

Spot gold rose 0.3 percent to $1,281.08 per ounce and remained on track to post its first gain since the week ended March 22. U.S. gold futures were up 0.25 percent at $1,282.85 an ounce.

Globally, Asian stocks ended mostly lower in cautious trade, with Chinese markets falling sharply to post their steepest weekly decline since October 2018 as concern deepened about the prospect of the government scaling back stimulus.

European stocks remained subdued in opening trade as investors reacted to a barrage of earnings reports.

Closer home, the benchmark S&P/TSX Composite Index scaled a low of 16,527.87 and a high of 16,593.19 on Thursday before ending down 10.42 points, or 0.06 percent at 16,576.10.

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