Hi to all,
Here’s what I have for this week’s price changes:
*Heating and stove oils to increase by 2.1 cents a litre.
*Diesel fuel to increase by 2.2 cents a litre, and...
*Gasoline to increase by 3.8 cents a litre.
Middle East tensions continue to weigh...
Middle East tensions continued to make an impact on the markets as speculators weighed the latest series of rocket attacks from Yemeni rebels against the Saudi Arabian capital of Riyahd and the southern reaches of Saudi Arabia.
Canadian dollar loses ground...
The Canadian dollar lost almost two cents against the U.S greenback over the last week that has helped increase prices to consumers in Canada. Almost two cents a litre of the forecasted increase in the price of refined commodities can be attributed to a weak Canadian dollar.
Resolution: Iran nuclear deal in the works?...
Oil prices showed some retreat today as the President of France met with the U.S President, with Trump saying that they may be close on a deal on the Iran nuclear deal, avoiding the possibility of further sanctions that may have limited Iranian exports and production.
Oil prices, already increased with speculation of sanctions, would have climbed significantly higher had further sanctions been put in place.
OPEC strategy of production cuts taking hold?
Market speculators are of the sense that OPEC cuts to production by member and non-member nations has taken a huge bite out of world over-supply, with the International Energy Agency saying that a record high compliance rate amongst key producers had all but erased the glut in world supplies of crude.
That’s it for this week’s update!