March 5, 2021 – Calgary Herald
Varcoe: Oil price's wild ride turns corner and tops $65
By Chris Varcoe
… OPEC+ has added to the optimism, agreeing to maintain its production discipline at Thursday’s meeting.
“It was definitely a surprise,” said Martin King, senior analyst at RBN Energy in Calgary.
“Certainly, something around $60 is defensible, given how we are seeing global inventories come down and expectations for improved demand in the second half of this year.”
For Canadian oil producers, the past 12 months have been an unpredictable journey after energy demand crashed because of the pandemic as people stayed home, air travel was grounded and businesses closed.
Prices for WTI crude plunged to an unprecedented negative $37.63 a barrel last April after a brief oil-price fight broke out between Saudi Arabia and Russia.