Oil prices fall as coronavirus spreads outside China

That has sent shares tumbling for oil giants like Exxon and Chevron while smaller producers with idling rigs continue to slash jobs.

Oil prices fell dramatically in mid-February, but had been steadily climbing back as the number of new cases of the virus in China slowed. In the last week, however, reports of the spreading virus knocked prices down. The benchmark for U.S. crude oil fell 16 per cent during the week, settling Friday at US$44.76 a barrel. Brent crude, the international standard, dropped 14 per cent for the week to its lowest levels since July 2017, closing Friday at $50.52 a barrel.

Gasoline prices have been fluctuating in recent weeks, but nothing significant that could be attributed to the coronavirus, said Jeanette Casselano, director of public relations at AAA. Prices tend to rise for the summer driving season, but the effects of coronavirus on the price of oil could mitigate that.

On Monday, ING head of commodities strategy Warren Patterson said he expects travel restrictions and factory shutdowns caused by coronavirus to shave 400,000 barrels a day from global consumption growth, which would take the industry to its lowest level of consumption in a decade.

Fake news it went up in NB

Good. Enough gouging.

Never ceases to amaze me how CBC Ana CBC Lite (CTV) enjoy gloating when price of oil drops

Damn, and Ford just spent 20 million to tear down clean energy projects

3500 Canadians die from influenza every year on average.

So it takes a world ending 'scenario' for oil companies to drop prices does it?

*Everytime* regular people are financial secure or doing financial better, always expect some sort of *Global Crisis* that allows the *Central Banks* to steal the peoples money back from them...

Not on Vancouver Island they’re not, au contraire, the big oil crossers have hiked the price another 4 cents for what ever reason, maybe because the pope was constipated!

Canada Latest News, Canada Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

Alberta Budget Banks On Oil And Gas Bouncing Back“These projections I believe are credible, but they’re cautious” said Finance Minister Travis Toews ableg I hope they are real cautious. Perhaps diversification of resources would be a better path forward.
Source: HuffPostCanada - 🏆 61. / 53 Read more »

Disgusting Oil & Gas Sticker Of Greta Thunberg Shocks Canadians (GRAPHIC)The graphic image was reportedly handed out at several Alberta worksites Thanks for this info. But, I have to drive (no choice) to work today. I’ll be heating my Canadian home with gas(no choice). And I’ll pay a Canadian Carbon tax as punishment (no choice)! Then Drive back home & repeat the next day. I’m such a bad person. There`s a segment of Canadians who think it`s quite okay. Stuck somewhere, back there, on the evolutionary ladder. I’m embarrassed that some Canadians would think this is ok. Disgusting!
Source: HuffPostCanada - 🏆 61. / 53 Read more »

Disgusting Oil & Gas Sticker Of Greta Thunberg Shocks CanadiansUpdate: RCMP have investigated the graphic image, and determined it is not considered child pornography Lol Pissoff RAIN MAKERS! Yikes
Source: HuffPostCanada - 🏆 61. / 53 Read more »

Grounded cargo ship leaking oil off Brazilian coastA cargo ship grounded off the coast of Brazil has begun leaking oil, the country's environmental enforcement agency said Friday. 🤬 Brazilian? How many gallons is that?!?! imkidding Don't worry Canadians! We won't use our oil sands and increase our risk of destroying our oceans to bring in that foreign oil. And forget about pipelines, because ya know, they're safer than ships....
Source: CTVNews - 🏆 1. / 99 Read more »

Starbucks CEO says 85 per cent of stores in China are openThe coffee chain had shut nearly half of its over 4,000 stores in China due to the coronavirus outbreak globebusiness Delivery and take out only in the Starbucks in Tianjin.
Source: globeandmail - 🏆 5. / 92 Read more »

Virus video game 'Plague Inc.' pulled in China: developerA popular game that allows players to create a virus and spread it worldwide has been pulled from Apple's App Store in China, its developer said, as the country battles a real-life epidemic. Not surprised.
Source: CTVNews - 🏆 1. / 99 Read more »