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Price Forecast of Crude Oil

Benchmark U.S. Crude Oil for July delivery fell 3 cents to $70.88 a barrel Monday. Brent Crude Oil for August delivery rose 17 cents to $72.86 a barrel.Wholesale gasoline for July delivery fell 2 cents to $2.17 a gallon. July heating fell 1 cent to $2.11 a gallon. July natural gas rose 5 cents to $3.35 per 1,000 cubic feet.

Gold for August delivery fell $13.70 to $1,865.90 an ounce. Silver for July delivery fell 11 cents to $28.04 an ounce and July copper fell 1 cent to $4.53 a pound. The dollar rose to 110.10 Japanese yen from 109.72 yen. The euro rose to $1.2117 from $1.2104.

Brent markets also rallied during the trading session to break above the $73 level, and now seem hell-bent on going towards $75. At this point, $70 over here would also be your floor, as it was the top of the ascending triangle. Oil prices steadied on Thursday following two straight days of gains that took oil futures to highs not seen in a year after weekly U.S. crude stocks fell sharply while fuel inventories rose more than expected.

According to a report from Statistics Canada and the Canada Energy Regulator, the value of Crude Oil exports from Canada has increased over 15-fold in the last 30 years. The increase means exports of the resource accounted for more than 14% of Canada’s total exports in 2019. In 1990, crude made up only 3.6% of the country’s total exported products.The report says Crude Oil production has also grown considerably over the last three decades, led first by conventional oil and then by the oilsands in the last 15 years, with Alberta becoming the largest contributor to Canadian production in 2009.

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