: The agency says commercial crude inventories increased by 2.1 million barrels last week, less than what analysts had been expected, according to The Toronto Star. Signs that the global oil glut may be lessening helped support oil prices even as oil workers in Kuwait returned to the job after a three-day strike to protest cuts to pay and benefits. The loonie edged closer to the 80-cent US mark, adding 0.06 of a U.S. cent to close at 79.05 cents US. The last time it ended the day higher was on July 3, 2015, when it hit 79.62 cents US. The June contract for North American benchmark crude climbed $1.71 to US$44.18 a barrel, a level not seen in five months after the U.S. Energy Information Administration reported that crude inventories rose slightly less than expected last week. The work stoppage had temporarily suspended production in that country. Meanwhile, North American stock markets also racked up gains, with the S&P/TSX composite index adding 44.01 points to 13,911.29, helped by energy, metals and consumer staples stocks. Michael Greenberg, a portfolio manager at Franklin Templeton Investments, said oil markets will remain volatile until the price of crude stabilize, adding that crude needs to be around US$50 a barrel to make it profitable for many producers.
(news.financializer.com). As
reported in the news.
Tagged under , topics.