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Oil Prices Sitting Above $50 US for First Time in Two Months

Fort McMurray, AB, Canada / MIX 103.7
Oil Prices Sitting Above $50 US for First Time in Two Months

The price of oil is rising significantly for the first time since late last year.

On Monday, crude oil was sitting over $50.00 US for the first time since May.

These prices are still down compared to the start of the year when they were sitting at the yearly high around $57.00 US.

Oil has been seeing growth over the past couple of months ever since they hit the 2017 low around $43.00 in mid-June.

In July, Andrew Botterill, Partner with Deloitte’s Resource Evaluation and Advisory group, told Mix News prices would hover around $48.00 US for the rest of the year.

Throughout the year, their expectations and oil prices continued to drop before this slight jump.

Meanwhile, the loonie has been sitting above 80 cents on the American dollar over the past few weeks, marking the first time in two years.

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