US$100 oil possible this winter, experts say
Specialists say the worth of crude oil may hit US$100 per barrel this winter.
The return of journey and the easing of pandemic restrictions across the globe has despatched demand for oil skyrocketing. Oil costs are already at seven-year highs.
The North American benchmark West Texas Intermediate worth Monday hovered round US$78 per barrel. Specialists say crude costs may spike even larger this winter, particularly if a rebound in air journey drives up demand for jet gasoline.
The final time oil was US$100 per barrel was in 2014. It spurred main growth and development in Canada’s power sector.
However specialists say the oilpatch is leaner now after years of low costs. They are saying the present spike in costs possible received’t imply quite a lot of new hiring or the announcement of latest oilsands tasks.
Adam Legge with the Enterprise Council of Alberta says firms will possible make the most of excessive costs to put money into emissions reductions know-how as an alternative.
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