Crude oil fell on Tuesday, snapping four days of gains, on concern a U.S. government report will show stockpiles climbed from the highest level since September 1990. Crude oil for June delivery declined as much as 77 cents, or 1.4 per cent, to $53.70 a barrel in electronic trading on the New York Mercantile Exchange. Oil is up 21 per cent this year.
Oil rebounded from yesterday’s losses as gains in equity markets signaled that industrial output around the world may be restoring, drawing investors back to commodities such as crude. Robin Bieber, director of PVM Oil Associates Ltd., stated: At the moment oil is closely linked to activity in the stock market. For full story, click here
Oil fell more than $2 to below $37 a barrel on Wednesday, tracking global equity losses and ahead of U.S. data expected to show an increase in crude stocks. For full story, click here
An analyst was quoted as saying: A propsed $2-billion revamp for Harvest Energy’s (TSX:HTE.UN) refinery in Come By Chance, N.L., could be an attractive investment opportunity for private equity firms. For more information, click here
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