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Buoyant oil markets began to close in on US$65 a barrel earlier this week — and then promptly punched through that barrier on Friday. Just don’t expect the president of Canada’s biggest oil producer to start betting on these higher prices quite yet, given the gravity-defying ride of the past 12 months. “A year ago, we were feeling pretty good. Then, of course, the pandemic hit, demand came down, we had the oversupply,” Tim McKay of Canadian Natural Resources said in an interview. “Obviously, the OPEC (leaders) have a pretty big hammer that they could increase supply and change that very rapidly. So I am just cautiously optimistic.” Benchmark West Texas Intermediate (WTI) crude prices jumped more than $2.50 on Thursday to close at $63.83. By Friday morning, U.S. oil prices continued to rise, soaring above $65.50 in New York. It came as OPEC and its partners signalled they will stick with aggressive output cuts for another month, instead of potentially adding up to 1.5 million barrels per day of production in April. The outlook continues to brighten for the Canadian oilpatch, although the industry is charting a deliberate, restrained path for the year. U.S. oil prices have surged […]
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