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.
Market Highlights
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!
Regards,
George Murphy
Twitter @GeorgeMurphyOil
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