Oil prices rise on Saudi optimism over OPEC deal

Oil prices rose on Thursday as expectations of an OPEC deal to limit production outweighed growing evidence of global oversupply and rising inventories, particularly in the United States. Saudi Energy Minister Khalid al-Falih said on Thursday he was optimistic OPEC would formalize a preliminary oil output deal reached in Algeria in September. Brent crude oil was up 60 cents at …

Oil and Loonie rise

For the first time in nearly a month, oil prices have climbed above $40-USD per barrel. In the meanwhile, the Canadian dollar bounced back as well, reaching 77.53-cents US – its highest since October 15, 2015. The loonie dropped as low as  68-cents US in January 2016. “It now seems that among the oil producing countries, a sense of calm …

Russia, OPEC make production deal

Following a closed door meeting between world powers, Russia’s energy minister announced his country has agreed with OPEC members Saudi Arabia, Qatar, and Venezuela to freeze oil production. The stipulation is that the agreement would hold only if other producing countries adhered to the same. Russia’s energy minister Alexander Novak made the announcement today following a private meeting in Doha, …