Friday, December 12, 2014

Oil price skid leads to panic/ Rail safety summit for US and Canada

As oil prices skid deeper, ‘panic is beginning to set in’

Michael Babad  The Globe and Mail   Dec. 12, 2014

Oil, markets sink
As analyst Alastair McCaig puts it today, “panic is beginning to set in” across financial markets as the collapse in oil prices deepens.

His comments came as equity and currency markets faced fresh turmoil, with crude slipping further below the $60-a-barrel mark on a new price forecast and more economic signals from China. Iran’s oil minister added fuel to the fire with his suggestion that there may be $20 to go still where crude is concerned....

...“Demand bearishness has been added to the expectations of significant supply levels, with oil-supplying nations reduced to squabbling over a diminishing market.”

Investors reacted by fleeing....            read more here

Rail safety summit with Lisa Raitt, U.S. counterpart slated for Ottawa

OTTAWA —Transport Minister Lisa Raitt is expected to host her U.S. counterpart in Ottawa next week to discuss rail safety following a series of explosive oil-train accidents, including last year’s disaster in Lac-Mégantic, Que.

Next week’s talks between Ms. Raitt and U.S. Transportation Secretary Anthony Foxx are expected to focus on the safe transport of crude oil by rail, a spokesman from the U.S. Department of Transportation said. The meeting comes as regulators in both countries grapple with how to regulate the movement of large quantities of sometimes volatile crude oil through communities across North America.....     read more here

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