Nick Ford • Economist • May 27, 2016
Early Thursday morning, crude oil surpassed the $US 50 mark for the first time since last autumn. Even though oil closed slightly below $US 50 yesterday, the North American benchmark price for oil (West Texas Intermediate) appears to be clawing its way back from its February lows.
The chart below shows three sets of oil prices: West Texas Intermediate (WTI), West Texas Intermediate in Canadian dollars and the Western Canadian Select Blend.
The red line is the price everyone remembers and is most commonly quoted; the price of West Texas Intermediate (WTI) per barrel in US dollars. This is the North American benchmark price because its most actively traded and generally sets the trend for other grades of crude oil. Its price is down 17 per cent from a year earlier and has gained almost $25 from February’s low…
…to read the full article go to The Owl – Focused on Alberta’s economy