The main and most important short term oil price driver continues to be the outcome of tomorrow’s OPEC meeting in Vienna. Neither Russia nor Mexico showed a willingness to cut their production in support of an OPEC cut.
West Texas Intermediate fell from the lowest price in more than four years as Saudi Arabia’s oil minister said the price will stabilize by itself, while the United Arab Emirates said OPEC will do what it takes to balance the market.
There’s been a lot of attention paid to how Canada’s oil boom has helped make gasoline cheaper. What many people may not realize is that the boom is also driving up the prices they pay for burgers and steaks.