30 August 2012 17:04 [Source: ICIS news]
TORONTO (ICIS)--Canadian commodity prices declined 0.4% in July from June, falling for the eighth month in a row, a bank said on Thursday.
The bank said that its monthly Canadian commodity price index was now 19.5% below a peak in April 2011 – just prior to the advent of concerns over excessive eurozone sovereign debt.
"In recent weeks, riskier assets such as oil and equities have been buoyed by expectations of further [US] Federal Reserve Board monetary policy easing to boost a slow US economy or a major bond purchase programme by the European Central Bank in support of the sovereign debt market," said Patricia Mohr, Scotiabank’s commodity market specialist.
"In my view, narrowing the gap between [western Canadian] heavy crude oil and WTI oil to levels more in line with crude quality differentials will require building additional pipeline-rail access from western Canada to the British Columbia coast, " Mohr added.
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