The Oil Summit in Jeddah this weekend has resulted in a whole lot of nothing.
Saudi Arabia has simply confirmed that they will be increasing production by 200k barrels next month, but the Saudi rise was completely wiped out by further attacks on production facilities in Nigeria. Unfortunately nothing significant came out of the Oil Summit which means that crude prices may not see any respite until the OPEC meeting in September. This has helped drive the Canadian dollar higher on an otherwise quiet trading day. The Australian and New Zealand dollars have given back some of their recent gains as new motor vehicle sales drop in Australia while visitor arrivals in New Zealand rebounded