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This Week’s Market Buzz

  • Oil is hovering at about $50 per barrel, down slightly on concern about the economic outlook following Britain's vote to leave the European Union. OPEC's oil output has risen in June to its highest in recent history. Nigeria's oil industry has partially recovered from militant attacks and Iran and Gulf members are now boosting supplies. Returning Nigerian supply will put pressure on prices, Goldman Sachs said, adding that outages caused by Canadian wildfires would virtually end by September. Brent crude was down $1 a barrel, or 2 percent, at $49.61.

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This Week’s Market Buzz

  • Crude oil could rise to $60 a barrel by the end of the year, even without any help from OPEC, new Saudi energy minister Khalid Al Falih told CNNMoney. Al Falih was speaking just after OPEC wrapped up a summit in Vienna. During the meeting, OPEC decided against implementing a cartel-wide production quota range, once again failing to reach an agreement to cap oil production. Al Falih said $60 oil by year end is "very possible" and higher prices in 2017 are also likely. He said supply and demand have "converged" and prices have been lifted by supply outages.

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This Week's Market Buzz

  • According to Wisconsin Public Radio, a Wisconsin appeals court has upheld a Trempealeau County, Wis., decision denying a permit to open a new sand mine. The 3rd District Court of Appeals ruled against Iowa-based AllEnergy Sand. It had argued that a Trempealeau County environmental and land use committee in 2013 wrongly denied its permit to open the 550-acre sand mine and processing plant. A circuit court had affirmed the county committee's action in January 2015 and the appeals court upheld that ruling, saying the "decision was supported by substantial evidence."

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This Week’s Market Buzz

  • Oil prices turned higher as investors weighed data showing a drop in U.S. crude supplies against the Organization of the Petroleum Exporting Countries’ decision not to freeze production. The U.S. data demonstrated how more than a year of low prices and spending cutbacks by oil companies are leading to shrinking supplies, helping reduce the oversupply of crude oil without intervention from OPEC. U.S. crude oil for July delivery recently rose 0.5 percent to $49.28 a barrel on the New York Mercantile Exchange after being down for most of the session. Brent, the global benchmark, rose 0.9 percent to $50.17 a barrel on ICE Futures Europe.

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This Week’s Market Buzz

  • Canadian National Railway (CN) reported a higher than expected net profit in the first quarter but said lower commodity shipments weighed on revenue and have prompted a downward revision to the company's 2016 financial outlook. Its frac sand business was down 45 percent and coal was cut in half, accounting for 3.1 percent of total business, the lowest of any railway. CN said it expects crude and frac sands volumes to continue to decline until reaching a bottom later this year, with coal hitting a low in late 2017.

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