Monday, May 12, 2025

Oil Takes a Sub-$50 Dip: OPEC+ Vacillations Send Oil on Wild Ride

Russia, Saudi discussing how much should be cut and how fast Oil prices swung sharply in trading today, dropping below $50/bbl for the first time in 14 months before rising to close up 2.25% on the day. WTI closed the day at $51.39/bbl, while Brent closed at $59.47/bbl. Several factors have been weighing on oil prices, contributing to the largest

Province of Alberta Buying Rail Cars to Ship Crude Amid Pipeline Pinch

From Bloomberg Alberta is working to buy rail cars to help ship more crude as pipeline bottlenecks have the oil-rich province grappling with historic low prices. The province has engaged a third party to negotiate the purchases and a deal may be struck “within weeks,” Premier Rachel Notley said Wednesday in a speech in Ottawa. The province’s costs will be