by Kevin Usselman, 660 NEWS
The price of oil topped $50 U.S. a barrel in trading Thursday morning, something that hasn’t been seen in months.
Chief Petroleum Analyst with EnPro International Roger McKnight calls it a significant psychological barrier for producers, especially for those in the oil sands.
“So, that’s getting close to the number where things get a little more attractive to carry on producing the oilsands crude. The thing that sort of concerns me is this just a bubble that’s about to burst because the OPEC meeting is on June 2,” he said.
He fears the price of oil could tumble again if OPEC members can’t agree to cut back their production next month.
However, McKnight still believes the price of crude has to rise in the coming months to offset the increase in consumption brought on by the summer driving season south of the border.
