The Trans Mountain crude oil and products pipeline in Western Canada restarted on Sunday December 5th after a three-week shutdown from record rainfall that triggered severe flooding and landslides in British Columbia, resulting in the longest closure in the pipeline’s nearly 70-year history.
Oil had its biggest weekly gain since August this week, the first in seven weeks as prices rebounded from the Omicron rout.
Oil prices settled lower today, as other risky markets tumbled with some chaos in Chinese markets. Two major Chinese developers officially defaulted on offshore bonds, a move that the market had largely anticipated.
U.S. West Texas Intermediate crude rose $2.56, or 3.7%, to close at $72.05 per barrel, building on a 4.9% per cent gain the previous session.
U.S. West Texas Intermediate crude rose $2.56, or 3.7%, to close at $72.05 per barrel, building on a 4.9% per cent gain the previous session.
Oil and financial markets rallied today, shaking off worries of the Omicron variant. “All the headlines are bullish today,”
North American rail volume for the week ending November 20, 2021, on 12 reporting U.S., Canadian, and Mexican railroads totaled 329,398 carloads, down 2.3 percent compared with the same week last year, and 338,380 intermodal units, down 14.2 percent compared with last year.
Oil prices were mixed today, ending little changed after earlier gains were erased.
Oil ended the day higher today after another choppy session. Prices had initially traded down on news that OPEC+ intended to stick with its production increase of 400K/bpd in January.
Oil prices closed down for the day in a choppy session as crude production and product inventories rose more than expected.