could return to US$100 a barrel later this year, giving a significant boost to Canada’s energy sector.
A surprise production cut of more than a million barrels per day unexpectedly announced by the Organization of Petroleum Exporting Countries and its allies on Sunday sent oil futures surging.The price for North American crude benchmark West Texas Intermediate rose above US$80 for the first time since January.But Randy Ollenberger of BMO Capital Markets says he expects global demand to pick up, meaning the OPEC cut could help push crude back to triple-digit territory.
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Giddie up!