In case you missed it, here is this week’s resource big news roundup.
Oil prices surged and energy stocks rallied slightly on Friday after a week driven by coronavirus concerns held the markets down to start the week. Driven by energy stocks, the TSX Composite jumped 462 points Friday morning to hit 12632. The bounceback in oil prices follows a brutal month for the commodity after Russia refused to join OPEC in cutting output and Saudi Arabia shared plans to produce 10 million barrels of oil per day while offering discounts to win new customers. The TSX Venture jumped 9.73 points Friday morning to hit 363.40 with seven of the 12 Toronto subgroups in the black.
According to Greg Taylor, Chief investment officer of Purpose Investments, the combination of the coronavirus and the oil production news caused an overcorrection in the oil market. “It got aggressively sold down so much yesterday that it had to bounce back some,” he told Yahoo Finance. “I think most of the bounce today is more optimism on the supply side, that potentially the Saudis could figure out that they are destroying the market through this and they’re hurting themselves.”
In case you missed it, here is this week’s resource big news roundup:
- Laurion Commences Targeted IP Survey Over the Sturgeon Mine and “A” Zone at Ishkoday
- New Drilling Campaign Underway on the Aquilon High-Grade Gold Property at Eeyou Istchee James Bay
- QMX Gold Closes Previously Announced $6.8 Million Bought Deal with Strategic Investments by Eric Sprott and O3 Mining
- eMetals Limited: Nardoo Hill Tenement Acquisition
- One World Lithium Second Phase of Exploration Drilling to Begin at Salar del Diablo
- Lilac Advances Pilot Plant Testing With Kachi Brine
- Latin Metals and Patagonia Gold Agree Terms for Acquisition of Mina Angela Project, Chubut Province, Argentina
- ALX Resources Corp. Intersects Nickel-Copper Mineralization at Falcon Nickel Project, Northern Saskatchewan
- IsoEnergy Intersects 4.0m of 20.5 Percent U3O8 in Drill Hole LE20-40 and Drills More Off-Scale Uranium Mineralization