Oil prices rose for a fourth consecutive session on Tuesday boosted by a weaker dollar but worries over persistent oversupply capped gains. Brent crude futures LCOc1, the international benchmark for oil prices, gained 64 cents to $46.47 per barrel by 1152 GMT. U.S. West Texas Intermediate (WTI) crude futures CLc1 were up 56 cents at $43.94 per barrel. The gains mean the market is up slightly so far this week, after spending much of the last month in negative territory. U.S. crude [Read more]
British Columbia’s NDP introduces motion to topple provincial government
British Columbia's New Democrats introduced a non-confidence motion in the Western Canadian province's government on Monday, setting the stage for the ruling Liberals to be toppled on Thursday after 16 years in power. In a response to the June 22 Throne Speech, the government's agenda for the legislative session, John Horgan, the leader of the left-leaning New Democrats (NDP) said the provincial government no longer had the confidence of the house. Provincial lawmakers are expected to vote [Read more]
Oil climbs on weaker dollar, but rise in U.S. drilling drags
Oil prices rose early on Monday on a weaker dollar, but increased U.S. drilling activity stoked worries that a global supply glut would persist despite efforts by some producers to curb output. Brent crude futures were up 24 cents, or 0.53 percent, at $45.78 per barrel at 0047 GMT. U.S. West Texas Intermediate (WTI) crude futures were up 21 cents, or 0.49 percent, at $43.22 per barrel. The U.S. dollar index stayed low on Monday against a basket of currencies amid fading expectations for [Read more]
U.S. drillers add oil rigs for record 23rd week in a row -Baker Hughes
U.S. energy firms added oil rigs for a record 23rd week in a row, extending a year-long drilling recovery as producers boost spending on expectations crude prices will rise in future months despite this week's decline to a 10-month low. Drillers added 11 oil rigs in the week to June 23, bringing the total count up to 758, the most since April 2015, energy services firm Baker Hughes Inc said in its closely followed report on Friday. That is more than double the same week a year ago [Read more]
Oil edges up, but still set for worst H1 performance in 20 yrs
Oil edged up on Friday, recovering some of its steep falls earlier in the week, but crude is still set for its worst first-half decline in two decades despite ongoing production cuts. Brent crude futures were at $45.33 per barrel at 0647 GMT, up 11 cents, or 0.2 percent, from their last close. U.S. West Texas Intermediate (WTI) crude futures were up 9 cents, or 0.2 percent, at $42.83 per barrel. Oil prices have fallen about 20 percent this year despite an effort led by the Organization [Read more]
Oil bounces off 10-month lows; crude glut still weighs
Oil rose on Thursday, a day after hitting 10-month lows, but market sentiment remained negative because the global crude glut has persisted despite OPEC-led output cuts. Brent crude futures ended 40 cents higher to $45.22 a barrel, after falling as low as $44.53. Brent fell 2.6 percent the previous session to $44.35, lowest since November. U.S. crude futures ended up 21 cents a barrel at $42.74 a barrel. On Wednesday, they hit a low of $42.05, their lowest intraday level since August [Read more]
Four of Canada’s biggest banks are key Trans Mountain lenders: filings
Four of Canada's biggest banks are the largest providers of C$5.5 billion ($4.16 billion) in credit for Kinder Morgan Canada Ltd's Trans Mountain pipeline expansion project, the company said in regulatory filings on Thursday. Along with 20 other banks backing the expansion, they are expected to face increasing pressure from environmental and indigenous activists, who have said they would ask the financial institutions to drop Trans Mountain once they are named. Royal Bank of Canada , [Read more]
British Columbia’s Liberals push platform as party faces ouster
The Liberal government of Canada's British Columbia province on Thursday called for political fund raising reform and more funding for social services in a speech to mark the start of a new session of the legislature. The Liberals have little chance of fulfilling those promises because they lost their majority control of the legislature, paving way for a coalition government of New Democrats and the Greens to take power as early as next week through passage of a no-confidence [Read more]
Four of biggest Canada banks are main Trans Mountain lenders -filings
Royal Bank of Canada , Canadian Imperial Bank of Commerce , Bank of Nova Scotia and Toronto-Dominion Bank are the main lenders for Kinder Morgan Canada Ltd's Trans Mountain pipeline expansion, the company said in fillings on Thursday. Activists have said they would exert pressure on those banks to drop Trans Mountain once they are named. The four are among 24 banks that granted C$5.5 billion in loans to an operating subsidiary of Kinder Morgan Canada Ltd , which is [Read more]
Brent crude oil edges back above $45, but excess weighs
Oil edged up from multi-month lows on Thursday, but prices remained under pressure from a supply glut that has persisted despite OPEC-led efforts to balance the market. Brent crude futures were up 43 cents at $45.25 a barrel at 1229 GMT, after falling as low as $44.53 earlier in the day. They fell 2.6 percent in the previous session to $44.35, their lowest since November. U.S. crude futures were up 30 cents at $42.83 a barrel, after also slipping earlier in the day. On Wednesday, they [Read more]