Oil Price to Reach $60 by Year-End, Canada Conference Board SaysJeremy van Loon
The price of oil will probably recover to about $60 a barrel by the end of the year, the Conference Board of Canada said today.
At current prices for crude, Canada’s most-valuable export, the country’s economic growth rate will be about 0.4 percentage point lower, mainly affecting the provinces of Alberta, Saskatchewan and Newfoundland and Labrador, the non-profit research organization said today in an e-mailed statement.
Alberta, the country’s biggest oil-producing province, will experience the largest impact on gross domestic product as investment falls by C$12 billion ($9.9 billion) this year, the Conference Board said.
The price of West Texas Intermediate, the U.S. crude benchmark, has lost more than half its value in six months and traded at $46.87 a barrel at 12:13 p.m. in New York.