Oil below $44 US, anticipating reduced global demand

Walter

Hall of Fame Member
Jan 28, 2007
34,892
129
63
Oil below $44 US on rate fears, China trade data

North American oil prices fell below $44 US a barrel on Monday, hurt by reports of China's economic slowdown and a high U.S. dollar.

West Texas Intermediate oil, the benchmark North American contract, was down by 43 cents to $43.87 US a barrel on Monday at the close. Brent, the international contract traded in London, fell 17 cents to $47.25 US a barrel.

Oil prices have been in decline for the last four trading days, after a strong U.S. jobs report and comments by Federal Reserve chair Janet Yellen pointed to a strong likelihood of a rate increase by the U.S. this year.

A rate increase could push the American currency higher, making oil more expensive for the rest of the world.

The U.S. dollar is already higher in anticipation and the Canadian dollar was trading at 75.32 cents US.

There is also concern about reduced global demand as the world prepares for the climate change summit in Paris.

..more..

Oil below $44 US on rate fears, China trade data - Business - CBC News
CBC hates Canada almost as much as Analfloss. The CBC did zero research cuz the oil sands make profit at much lower rates than the article says. Technology keeps improving bringing the costs continually lower.
 

B00Mer

Make Canada Great Again
Sep 6, 2008
47,142
8,151
113
Rent Free in Your Head
www.canadianforums.ca
CBC hates Canada almost as much as Analfloss. The CBC did zero research cuz the oil sands make profit at much lower rates than the article says. Technology keeps improving bringing the costs continually lower.

 

MHz

Time Out
Mar 16, 2007
41,030
43
48
Red Deer AB
Why aren't Turdoh and Shjtbridge wearing seatbelts?
Poppies in Flanders Field was used to supply painkillers to the wounded and dying, we honor that but condemn the poppies in Afghanistan.

Cheap fuel and farm machines that still cost $500,000 is something else that will change. Canola saw a weed become useful, hemp is the latest weed to have that same possibility and it's runty cousin would be a freebie while the industrial plant becomes the mainstay of the economy.
 

TenPenny

Hall of Fame Member
Jun 9, 2004
17,467
139
63
Location, Location
CBC hates Canada almost as much as Analfloss. The CBC did zero research cuz the oil sands make profit at much lower rates than the article says. Technology keeps improving bringing the costs continually lower.



So, when all the producers start claiming quarterly losses, you'll set the record straight, and point out they're actually making money?
 

Walter

Hall of Fame Member
Jan 28, 2007
34,892
129
63
So, when all the producers start claiming quarterly losses, you'll set the record straight, and point out they're actually making money?
We'll have to wait and see what happens, unlike the CBC.
 

davesmom

Council Member
Oct 11, 2015
2,084
0
36
Southern Ontario
I just heard on the radio that Canada's economy is expected to decline and that Trudeau's deficit will have to increase by 5x what he has calculated.
Obviously, he based his plans on the economy improving dramatically. That was a foolish thing to do considering that out economy hinges on the global economy which is unstable at best.
 

mentalfloss

Prickly Curmudgeon Smiter
Jun 28, 2010
39,817
471
83
Yeesh, it dropped again by 2%!!!

Possibly getting to $37.75???

We need to get out of oil NOW.


"With U.S. commercial crude cover likely to see new 80-year highs by month’s end amidst some indications that the rate of production decline is slowing, our long held view that WTI will be re-visiting the late August lows of $37.75 has been reinforced," said Jim Ritterbusch of Chicago oil consultancy Ritterbusch & Associates.

Oil near two-month low on worries of growing U.S. crude stockpiles | Reuters