US$100 oil possible this winter, experts say

Consultants say the worth of crude oil may hit US$100 per barrel this winter.

The return of journey and the easing of pandemic restrictions across the globe has despatched demand for oil skyrocketing. Oil costs are already at seven-year highs.

The North American benchmark West Texas Intermediate value Monday hovered round US$78 per barrel. Consultants say crude costs may spike even increased this winter, particularly if a rebound in air journey drives up demand for jet gasoline.

The final time oil was US$100 per barrel was in 2014. It spurred main enlargement and development in Canada’s vitality sector.

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Oil-price growth may minimize Alberta’s deficit

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However consultants say the oilpatch is leaner now after years of low costs. They are saying the present spike in costs doubtless received’t imply loads of new hiring or the announcement of recent oilsands initiatives.

Adam Legge with the Enterprise Council of Alberta says firms will doubtless benefit from excessive costs to spend money on emissions reductions expertise as an alternative.