Increasing energy demands and decisions by Saudi Arabia and Russia’s extension of their oil production cuts to the end of the year are leading to rising fuel prices
A growing number of forecasts are calling for the return of US$100 oil before the end of the year.
Andrew Botterill with Deloitte Canada says triple-digit crude prices this fall are a growing possibility due to surging global energy demand and decisions by Saudi Arabia and Russia to extend their recent oil production cuts to the end of the year.Higher energy prices will also make it more expensive for Canadians to heat their homes this winter.The price for benchmark crude West Texas Intermediate has jumped 30 per cent since June 1 and is hovering this week around US$90 per barrel.
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