CNNFN writes article about Oil prices hit highest level in 7 months:
by Alanna Petroff @AlannaPetroff May 17, 2016: 9:13 AM ET
Inside the world’s biggest oil company
Inside the world’s biggest oil company
In case you haven’t noticed, oil prices are staging a strong recovery and
inching towards $50 per barrel.
Unexpected supply disruptions in places like Canada, Nigeria
and Venezuela have caused oil prices to hit their highest level in
seven months last night, at $48.41 per barrel.
Prices have since retreated a tad in early morning trading. But this
current price around $48 marks a major rebound from mid-February when
crude was trading just above $26 a barrel, the lowest level seen
since 2003.
Canada
Raging wildfires in oil-rich parts of the Canadian province of
Alberta have forced major oil companies to shut down some operations
and cut production by about 1.2 million barrels of oil per day,
according to Manouchehr Takin, an independent oil and energy
consultant.
That’s a massive production cut when you consider that Canada produces,
on average, about 4.4 million barrels of oil per day, making it the
fifth largest oil producer in the world.
CNNFN Article Source Here.