This item is part of Stockwatch's value added news feed and is only available to Stockwatch subscribers.

Here is a sample of this item:

by Stockwatch Business Reporter

West Texas Intermediate crude for May delivery plunged $4.96 to $61.99 on the New York Merc, while Brent for June lost $4.56 to $65.58, both benchmarks notching a weekly loss and settling at their lowest levels since 2021 (all figures in this para U.S.). Western Canadian Select traded at a discount of $7.40 to WTI, up from a discount of $8.00. Natural gas for May lost 30 cents to $3.83. The TSX energy index lost 22.49 points to close at 236.41.

Oil prices took another nosedive as China imposed retaliatory tariffs on U.S. goods, escalating U.S. President Donald Trump's worldwide trade conflict, which is threatening global economic growth and consumption. Traders are also still digesting yesterday's surprise move from OPEC+ to triple a planned production hike in May.

Sprinkling in some extra pessimism was Goldman Sachs, which until fairly recently was one of the more bullish voices among oil price forecasters, but lately has been gutting those forecasts without mercy. In a new research report, the bank says it now sees Brent averaging $69 (U.S.) this year and $62 (U.S.) next year (down about 9 per cent from its prior estimates) and WTI averaging $66 (U.S.) this year and a mere $59 (U.S.) next year (down about 6 per cent). The prior estimates were ranges, but the bank says it will no longer bother with those because "volatility is likely to stay elevated." (It goes without saying that any daydreams of Brent hitting $100 (U.S.) in 2025 -- a scenario that the bank was still floating as recently as late November, although its official forecast was $70 (U.S.) to $85 (U.S.) -- have vanished without a trace.)

The remainder is available to Stockwatch subscribers.
Sign-up for a FREE 30-day Stockwatch subscription and SEE NO ADS