Oil prices rose on Thursday, extending gains from its previous session, as the market shifted focus to supply disruptions, while demand concerns eased some after a sharp drop in new coronavirus cases at the epicentre of the outbreak. Conflict in Libya that has led to a blockade of its ports and oilfields shows no signs of a resolution, while U.S. sanctions on a subsidiary of Russian state oil major Rosneft could cut more Venezuelan crude from the market, rekindling global oil supply [Read more]
Alberta approves Suncor Energy oil sands project, other approvals still needed
The Alberta provincial government said on Wednesday that it had approved Suncor Energy's Meadow Creek West oil sands project, although other approvals are still needed. The 40,000-barrel-per-day project planned near Fort McMurray, Alberta, requires environmental licenses and development permits, and Suncor has not yet made a final decision on whether to build it. [Read more]
Canada’s VIA Rail to temporarily suspend 1,000 employees amid pipeline protests
Canada's passenger rail company on Wednesday said blockades by demonstrators had forced it to temporarily lay off 1,000 employees, adding to pressure on Prime Minister Justin Trudeau to solve a two-week protest. Freight traffic in eastern Canada has already been halted after campaigners blockaded a main line in Ontario. They say they want to show solidarity with an aboriginal band trying to stop construction of a gas pipeline in the Pacific province of British Columbia. "This general [Read more]
Canada protesters mount fresh rail blockade, PM Trudeau says disruptions unacceptable
Demonstrators opposed to a Canadian energy project on Wednesday started blocking a western rail line, adding to pressure on Prime Minister Justin Trudeau to solve a two-week protest that is harming the economy. Freight traffic in eastern Canada has been stopped after campaigners blockaded a main line in Ontario. They say they want to show solidarity with an aboriginal band trying to stop construction of a gas pipeline in the Pacific province of British Columbia. Trudeau, who insists his [Read more]
Oil gains as optimism grows economic impact of coronavirus outbreak may be brief
Oil prices gained 1% on Wednesday, with Brent rising a seventh straight day, amid broad optimism as new coronavirus cases fell for a second day in China and concerns rose over supply after a U.S. move to cut more Venezuelan crude from the market. U.S. oil was up 70 cents, or 1.3%, at $52.77 a barrel. Brent crude was up by 92 cents, or 1.63%, at $58.60 a barrel. China is still struggling to get manufacturing going again in the world's second-largest economy, after imposing stringent [Read more]
Canada passenger trains to run again, pipeline protests block freight
Passenger operator VIA Rail Canada said on Tuesday it would soon resume partial services between Quebec City and Ottawa while the government sought to end anti-pipeline protests that are blocking rail freight in eastern Canada. VIA Rail said passenger services between the two cities would start on Thursday after it received a notification from Canadian National Railway Co , the country's biggest rail road. Protests opposing the construction of a gas pipeline project in British Columbia [Read more]
Oil prices fall as market weighs coronavirus demand impact
Oil prices fell on Tuesday, tracking losses in financial markets on lingering concerns over the economic impact of the coronavirus outbreak in China and its effect on oil demand. U.S. West Texas Intermediate crude fell 97 cents, or 1.85%, to $51.35 a barrel. Brent crude was at $56.80 a barrel, down 73 cents, or 1.25%. "Oil prices remain heavy as energy traders may have been overly optimistic as to the crude demand impact of the coronavirus, and in fading optimism that OPEC + will come [Read more]
U.S. drillers add oil rigs for second week in a row
U.S. energy firms added oil rigs for a second week in a row as crude prices, which have dropped about 15% this year, were set to rise this week as investor concerns began to ease over the long-term economic impact of the coronavirus. Companies added two oil rigs in the week to Feb. 14, bringing the total count to 678, energy services firm Baker Hughes Co said in its closely followed report on Friday. In the same week a year ago, there were 857 active rigs. "Rig activity is biased to the [Read more]
Oil prices rise and set for weekly gain on supply cut optimism
Oil prices were steady on Friday and are set for their first weekly gain in six weeks on the assumption major producers will implement deeper output cuts to offset slowing demand in China, the world's second-largest crude user. U.S. West Texas Intermediate (WTI) futures were up 69 cents to $52.17 a barrel. Brent crude futures gained 86 cents to $57.26 a barrel by 0234 GMT, after gaining 1% the previous session. Crude prices have plunged about 20% from their 2020-peaks on Jan. 8 as [Read more]
CN Rail to shut down Eastern Canadian operations due to protests
Canadian National Railway Co will shut operations in Eastern Canada as its rail lines continue to be blocked by anti-pipeline protesters, the country's biggest railroad operator said on Thursday. The protests by an indigenous community opposing the construction of a gas pipeline project in British Columbia and its supporters have disrupted passenger trains and goods transportation for the seventh straight day. The shutdown will continue until the blockades end and may lead to temporary [Read more]