Oil prices eased modestly early on March 28 after advancing rebels in Libya announced that they would be able to resume crude exports in a week and Qatar promised to help them market their product on world markets.The price remains 8 percent higher than it was a month ago, and 30 percent higher than a year ago, challenging global economic recovery.
Articles Tagged "volatile"
The market in Toronto jumped significantly, in part due to the merger announcement between Suncorp (TSE:SU) and Petro-Canada (TSE:PCA). Petro-Canada was up 20 per cent at the end of the day and many of the other Canadian oil patch companies rose along with it. EnCana (TSE:ECA), Canadian Natural Resources (TSE:CNQ) and Talisman Energy (TSE:TLM) all closed up significantly.
Britain’s Prime Minister Gordon Brown has said that volatile oil prices remain a threat to the global economy. For full story, click here
Volatile oil prices may be in for further soars in the future, and analysts are now suggesting the pricing system of oil in China be reformed. Dong Xiucheng, professor & oil expert at China Petroleum University, said: The global economic slowdown caused by the financial crisis has greatly cut oil demand worldwide. The trend will continue for a certain [...]