As of yesterday, the soon-to-expire May contracts for West Texas Intermediate crude oil (WTI Crude) on the New York Mercantile Exchange traded and closed in negative territory. World-Wide oil demand has dropped so rapidly on a due to people consuming minimal levels of. The world literally has too much oil in circulation and doesn’t have enough storage to house all these barrels of oil that Russia and Saudi Arabia have released into the market.
The economic issue of this oil crisis for Canada is two-fold. Not only will oil exports severely decline in 2020, but the value of these exports is also in jeopardy. In 2015 when the price of oil declined by 55% to reach a level of roughly $50 per barrel, the Canadian GDP only suffered a 0.5% hit in Q1 of 2015. However, the Canadian dollar saw a 15% depreciation relative to the American dollar over that period of time, and that was at $50 a barrel. What's in store for the Canadian dollar with such low oil barrel prices?
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