WTI for June delivery lost as much as 2.1 percent to $42.81 a barrel on the New York Mercantile Exchange and was at $43.31 as of 11:59 a.m. London time. The contract gained 55 cents to $43.73 on Friday, the highest close since Nov. 10. Total volume traded Monday was about 6.7 percent below the 100-day average. Brent for June settlement slid as much as 85 cents, or 1.9 percent, to $44.26 a barrel on the London-based ICE Futures Europe exchange. Prices advanced 4.7 percent last week for a third weekly advance. The global benchmark crude was at a premium of $1.46 to WTI. The production capacity of the Shaybah field will rise to 1 million barrels a day from 750,000 barrels, said the people, who asked not to be identified because the information isn’t public. The field, in the Empty Quarter desert near the border with the United Arab Emirates, produces extra light grade crude with API gravity of 42 degrees, they said. The number of rigs drilling for oil in the U.S. has fallen for a fifth straight week to 343, Baker Hughes Inc. data show. That helped prices on April 22, according to Exane BNP Paribas.
A tentative deal has ended the week-long strike by 3,200 Canadian National Railway Co. conductors.
The Teamsters Canada Rail Conference said on Tuesday morning members will return to work by 6 a.m. local time on Wednesday, ending the longest rail strike in a decade. Details of the deal, which must be ratified by union members, were not available.
“I would like to thank our members for their incredible courage and solidarity,” said the president of Teamsters Canada, François Laporte. “I would also like to thank all the Teamster local unions from across different industries, all the labour organizations and members of the public who supported us on the picket line.”
CN said in a statement announcing the tentative agreement workers will start returning to work this afternoon, and trains will begin moving in the railyards by tomorrow morning.
more detail at: https://www.theglobeandmail.com/business/article-tentative-deal-reached-to-end-cn-rail-strike/