* Canadian dollar falls 0.5% against the greenback
* Price of U.S. oil rises 6.2%
* Canadian bond yields trade mixed across a flatter curve
TORONTO, May 1 (Reuters) - The Canadian dollar weakened against its U.S. counterpart on Friday as global stock markets fell for a second straight day and ahead of a joint news conference that is expected to announce the Bank of Canada's new governor.
World stocks .WORLD pulled back further on grim U.S. economic data and President Donald Trump's threat to impose new tariffs on China over the coronavirus crisis. runs a current account deficit and is a major exporter of commodities, including oil, so the domestic economy tends to be dependent on the global flow of trade and capital.
U.S. crude oil futures CLc1 were up 6.2% at $20.00 a barrel as OPEC and its allies began a record output cut to tackle a supply glut weighing on the market due to the coronavirus crisis. 9:05 a.m. (1305 GMT), the Canadian dollar CAD=D4 was trading 0.5% lower at 1.4016 to the greenback, or 71.35 U.S. cents. The currency, which rose 0.8% in April, traded in a range of 1.3936 to 1.4044.
Canadian Finance Minister Bill Morneau and Bank of Canada Governor Stephen Poloz will hold a press conference at 9:30 a.m. (1330 GMT), where they will make "an important announcement", the finance ministry said in a statement. Bank of Canada has not forgotten about financial vulnerabilities as it responds to the coronavirus pandemic and low oil prices, Poloz said on Thursday, noting the central bank's balance sheet had tripled. bond yields were mixed across a flatter yield curve, with the 10-year down 1.7 basis points at 0.531%.