GUERNSEY, Sask. — The reeve of a Saskatchewan municipality where a second fiery train derailment has occurred in less than two months says it’s time for the federal government to look more seriously at pipelines to move oil.

Jack Gibney of the Rural Municipality of Usborne says “oil is going to move one way or another.”

“We have no choice.”

A Canadian Pacific Railway freight train carrying crude oil jumped the tracks near Guernsey, about 115 kilometres southeast of Saskatoon, early Thursday.

The Saskatchewan Public Safety Agency said 32 of the train’s 104 cars derailed and a dozen caught fire, sending flames and thick, black smoke into the air.

The fire was burning Friday morning and the Transportation Safety Board said its investigators could not get to the wreckage as a result.

But the fire was out by late Friday afternoon and about 85 residents who were ordered to leave the agricultural community the day before were allowed...

OIL and gas company Bowleven, which moved its headquarters from Edinburgh to London after a boardroom coup, has received a boost in its long-running campaign to prove the commercial potential of its acreage off Cameroon.

Bowleven spent years working on plans to develop finds made on the Etinde permit without bringing any onstream under the leadership of Kevin Hart who was ousted in 2017 following a campaign by a rebel investor.

While it won't be all about the Coronavirus outbreak currently crippling China's economy, the pandemic and a whole host of scenarios could play out in tandem to drive the oil price down below $30 per barrel levels.

Such a drop has happened recently in very different circumstances. In 2016, a full blown supply glut happened when U.S. shale output continued to pick up and Saudi Arabia's former oil minister Ali Al-Naimi kept OPEC's taps open. As a result, on Friday, January 15 that year the Brent-West Texas Intermediate spread was barely distinguishable at the end of the week, with Brent closing at $29.25 per barrel and its American benchmark counterpart at $29.72.

Since it was oversupply sentiment that knocked market confidence four years ago, the mood music was swiftly improved by the then newly appointed Saudi Crown Prince Mohammed Bin Salman pushing Al-Naimi into retirement, and reaching out to Russia forming the 24-member 'OPEC+' group that's still busy...

NEW YORK — Oil prices fell 1% on Friday as Russia said it needed more time before committing to output cuts sought by other large producers while the coronavirus outbreak fanned worries about global crude demand.

Oil prices posted their fifth straight weekly decline, as speculators have backed away due to weaker consumption figures and expectations that the coronavirus, which has killed more than 600 people, will remain a drag on demand.

Brent crude futures lost 46 cents, or 0.8%, to settle at $54.47 a barrel. Brent sank 6.3% for the week.

U.S. West Texas Intermediate (WTI) crude futures fell 63 cents, or 1.2%, to settle at $50.32 a barrel. The contract lost 2.4% for the week.

This week, a panel advising OPEC+, the Organization of the Petroleum Exporting Countries and allies led by Russia, suggested provisionally cutting output by 600,000 barrels per day (bpd).

On Friday, Russia Energy Minister Alexander Novak said Moscow needed more...

NEW YORK — Oil prices were little changed on Friday as Russia said it would need more time before committing to output cuts sought by other large producers as the coronavirus outbreak fans worries about global crude demand.

Oil is on track for its fifth consecutive weekly decline, as speculators have backed away due to weaker consumption figures and expectations that the virus, which has killed more than 600 people, will remain a drag on demand.

Brent crude futures were up 6 cents to $54.99 a barrel by 11:26 a.m. EST (1626 GMT). Brent was on track for a 5.5% loss for the week. U.S. West Texas Intermediate (WTI) crude futures fell 4 cents to $50.91 a barrel, on track for a weekly loss of 1.3%.

A panel advising the Organization of the Petroleum Exporting Countries and allies led by Russia, known as OPEC+, suggested this week provisionally cutting output by 600,000 barrels per day (bpd).

On Friday, Russia Energy Minister Alexander Novak said...