Scotiabank’s commodity price index rallies in February as oil and gas rebound somewhat

The Bank of Nova Scotia’s ‘commodity price index’ rallied by 2.4% month-over-month in February, after falling in January to the lowest level since early 2007. The third-largest Canadian bank said on Tuesday that its ‘oil and gas index’ rebounded in February, with Alberta light- and heavy-crude oil prices boosted by a temporary rally in West Texas Intermediate oil.