Oil sees slight rebound amid trade talks

Dr. Sam Gamtessa, a professor of economics at the University of Regina, analyzes market conditions

Kenneth Brownof The Crossroads

The price of oil went on a steady decline starting last fall and an expert says trade talks between two world powers have driven a slight rebound in the price.

According to Bloomberg, the West Texas Intermediate (WTI) price of oil was sitting at US$54.04 per barrel as of Wednesday morning. The international Brent price of oil was at US$62.64 per barrel at that time. The WTI price has rebounded since the end of 2018 after falling below $50 per barrel.

The WTI price of oil had reached as high as about $75 per barrel early in October. The www.fedprimerate.com website posts the closing WTI price at the end of each week and for the week ending on Oct. 5, the WTI price had reached $74.34 per barrel.

In weeks to follow, the WTI price had dropped steadily by the end of each week. The price dropped to $71.34 per barrel for the week ending on Oct. 12 and the price hit its lowest price to end a week for the week closing on Dec. 28 when the WTI price dropped to $45.33 per barrel.

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