Skip to main content

Featured

Budget Day 2026: What a $63B+ Deficit Means for Your Wallet

  Canadian Money Brief • Thursday, November 5, 2026 Ottawa tables its second Carney-era budget today. Almost everyone expects big spending. Hardly anyone expects it to help their own bank account. Here is what the numbers say, and what to do about it. Finance Minister François-Philippe Champagne says today’s budget is about “changing Canada’s growth model”: less reliance on the U.S., more building at home. That is a big-picture pitch. Your household budget is a small-picture problem, and a new Abacus Data poll shows the gap between the two is wide. The poll in one line: only 10% of Canadians expect Budget 2026 to make their household better off. 30% expect to be worse off, and 48% expect little difference. (Abacus Data, 1,809 adults, Oct. 30 to Nov. 3.) The deficit, in plain numbers The Parliamentary Budget Officer (PBO) is the government’s independent fiscal referee. Its latest outlook, which predates the budget and only counts measures already announced, sets the stage: PBO proj...
Post a Comment
Read more

article

Labels

Oil prices slump to six-month low amid weak demand and oversupply

 


Oil prices have fallen to their lowest level since June, as concerns about weak demand and oversupply weigh on the market. The spread of the Omicron variant of the coronavirus has led to new travel restrictions and lower economic growth expectations, reducing the outlook for oil consumption. At the same time, oil producers have increased their output, creating a glut of supply that exceeds demand.

According to the U.S. Energy Information Administration (EIA), U.S. crude oil inventories rose by 3.6 million barrels last week, while gasoline stocks jumped by 5.7 million barrels, indicating sluggish demand for fuel. The EIA also lowered its forecast for global oil demand growth in 2023 by 100,000 barrels per day (bpd) to 4.1 million bpd.

The International Energy Agency (IEA) echoed the bearish sentiment, saying that the Omicron variant is expected to temporarily slow the recovery in oil demand that is underway. The IEA also cut its demand projections for 2022 and 2023 by 100,000 bpd each, mainly due to the expected impact on jet fuel use from new travel curbs.

Oil prices have also been pressured by a stronger U.S. dollar, which makes oil more expensive for buyers using other currencies. The dollar has risen on expectations that the Federal Reserve will tighten its monetary policy sooner than expected to curb inflation, which hit an 11-year high in November.

Brent crude, the international benchmark, settled down $4.42, or 5.9%, at $70.62 a barrel on Wednesday, while West Texas Intermediate (WTI), the U.S. benchmark, dropped $4.60, or 6.2%, to $69.34 a barrel. Both benchmarks have lost more than 10% since hitting multi-year highs in October.

Some analysts expect oil prices to rebound in the coming months, as the impact of the Omicron variant fades and demand recovers. However, others warn that the market could remain volatile and oversupplied, especially if the Organization of the Petroleum Exporting Countries and its allies (OPEC+) decide to increase their production further in January.

Labels:

Comments

Post a Comment