Oil prices dip on ample supply as OPEC may consider widening cap

Oil prices dip on ample supply as OPEC may consider widening cap

Prices dropped even as OPEC signalled it may widen its production caps to include Nigeria and Libya, whose output has recovered in recent months after being curtailed by years of unrest. Brent crude futures (LCOc1), the international benchmark for oil prices, were at $46.21 per barrel at 0936 GMT, down 50 cents, or around 1 percent, from their last close. The Organization of the Petroleum Exporting Countries has agreed with some non-OPEC members to curtail production until March 2018 but the move has failed to eliminate a global glut of crude.


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B.C. container drivers win $2.3 million in court

VANCOUVER, B.C. – The Supreme Court of B.C. has upheld the wage floor in the Container Trucking Act, after 10 companies sued the provincial government in an attempt to avoid paying back pay to drivers, according to the union representing affected drivers. “Container truck drivers work hard and deserve fair compensation,” said Jerry Dias, Unifor National president. “Unifor fought hard to get higher pay rates and retroactivity included in the Act. We're pleased that the court recognized the greed exhibited by these trucking companies for what it was.” ...Read the rest of this story

Qatar central bank says country has $340 billion in reserves, can weather Arab sanctions

Qatar central bank says country has $340 billion in reserves, can weather Arab sanctions

Qatar has $340 billion in reserves that could help the Gulf country to weather the isolation by its powerful Arab neighbours, central bank governor Sheikh Abdullah Bin Saoud al-Thani said. Al-Thani said the central bank has $40 billion in reserves plus gold, while the Qatar Investment Authority sovereign wealth fund has $300 billion in reserves that it could liquidate. Qatari stocks have weakened and the riyal has been volatile in the spot market since Saudi Arabia, the United Arab Emirates, Bahrain and Egypt cut diplomatic and transport ties with Qatar on June 5, accusing it of backing terrorism.


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