Oil surges to highest price in over a year

Oil surges to highest price in over a year

TORONTO — The price of oil settled at US$51.82 a barrel today, its highest level in more than a year.December contracts for crude, which are the most heavily traded, soared US$1.20 due to several factors including signs that Saudi Arabia foresees an end to the downturn in oil prices.WATCH: OPEC cuts oil production, what does this mean for Canada?

The last time oil futures contracts hit such levels was on July 14, 2015, when they settled at US$53.04 per barrel.READ MORE: Oil prices soar lifting Canadian dollar to four-week highToday’s settlement price is nearly double the lows seen earlier this year, when a barrel of crude settled as low as US$26.21 in February.More to come.

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