industry experts say oil prices Oil could return to US$100 a barrel later this year, giving a significant boost to Canada’s energy sector.
Oil futures jumped on Sunday after a surprise production cut of more than one million barrels per day was unexpectedly announced by the Organization of the Petroleum Exporting Countries and its allies (OPEC Plus).
North American crude benchmark West Texas Intermediate (WTI) rose above US$80 for the first time since January.
Oil prices fell to the mid-$60s in March due to concerns over bank failures south of the border.
But Randy Olenberger of BMO Capital Markets says he expects global demand to pick up, meaning the OPEC cut could help propel crude back into triple-digit territory.
Energy officials say the OPEC announcement is contributing to an “upbeat mood” at a major oil and gas conference this week in Toronto.
Global News Morning Market & Business Report – March 29, 2023
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