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Oil prices holding up nicely in 2021: ATB Financial
A year after crude oil prices were in the negative, ATB Financial says prices so far in 2021 are holding up well.
It was about a year ago on April 20, 2020 when the West Texas Intermediate (WTI) crude oil price benchmark closed at negative US$37.63 per barrel.
The CODID-19 pandemic, a price war between Russia and Saudi Arabia, global storage tanks at or near capacity and the timing of futures contracts pushed prices down and led some sellers to pay buyers to take the crude off their hands.
ATB Financial says the end of the price war and production cuts—including here in Alberta—helped stabilize prices and kept the global oil market from temporarily collapsing.