Alberta’s finance minister presents an update on this year’s budget which may include more bad news after the collapse of oil prices into the US $40 a barrel range.

Robin Campbell is releasing third-quarter numbers and said the steep plunge in prices has turned this year’s anticipated surplus budget into a $500-million deficit. However, Prentice says the drop has dug a $7-billion hole in the treasury.

Premier Jim Prentice says that  next month’s budget for the upcoming fiscal year will provide a long-term blueprint to get Alberta off the roller-coaster of oil and gas revenues. He has suggested a hike to personal income taxes, but says there will be no increases in corporate taxes or oil royalties.

Oil prices fall on Monday as worries over North America oversupply dragged, and accordingly Brent futures also decreased below $60 a barrel and U.S. contracts hovering around $50.30.

Prices began dipping as analysts said crude markets remained oversupplied after the rise in global markets and euro zone crisis over Greek debt had been averted for now.

Analysts said that a cold spell, which has hit refinery output, could also prevent crude prices from rising further. Major U.S. East Coast refineries have been hit by cold weather, sending up heating oil futures on fears of tight supplies.

Oil prices fall on Monday as worries over North America oversupply dragged, and accordingly Brent futures also decreased below $60 a barrel and U.S. contracts hovering around $50.30.

Prices began dipping as analysts said crude markets remained oversupplied after the rise in global markets and euro zone crisis over Greek debt had been averted for now.

ANZ Bank said in a note on Monday” We expect oil’s rally to peter out as weakening fundamentals overwhelm the recent rally.” Barclays also said” Near-term topping signals for WTI crude oil endorse our expectation of further choppy consolidation. A move below nearby support in the $48.20 area would signal a squeeze towards the range lows at $44.37 where we would look for signs of a base.”

Analysts said that a cold spell in the United States, which has hit refinery output, could also prevent crude prices from rising further. Major U.S. East Coast refineries have been hit by cold weather, sending up heating oil futures on fears of tight supplies.

U.S. government commented Sunday on the sharp fall in oil revenue which forced Colombia to delay $2.44 billion in spending. Accordingly, the government released a statement to confirm that the the cabinet approved which consist of of 4.8 trillion pesos ($1.95 billion) in investments and 1.2 trillion ($488 million) in administrative costs and it added the move takes into account “new macroeconomic and fiscal conditions, associated primarily with the fall in international oil prices.”

U.S. government commented yesterday on the sharp fall in oil revenue which forced Colombia to delay $2.44 billion in spending. Accordingly, the government released a statement to confirm that the the cabinet approved which  consist of of 4.8 trillion pesos ($1.95 billion) in investments and 1.2 trillion ($488 million) in administrative costs and it added the move takes into account “new macroeconomic and fiscal conditions, associated primarily with the fall in international oil prices.”

The government will now invest a total of 44.7 trillion pesos ($18 billion) in 2015, Congress also approved a 216 trillion peso ($88 billion) national budget for 2015 last October.

Crude oil prices fall Friday and caused worries among traders who are looking for a production slowdown that might boost oil prices after a report shows a decline in drilling units at U.S. market.

U.S. benchmark West Texas Intermediate crude dropped 82 cents Friday to $50.34 a barrel in New York Mercantile Exchange trading, down about $3 for the week.
Brent crude, the international benchmark crude, edged up 11 cents to $60.32 in European trading Friday, but was down about $2 on the week.

last week, Oil prices fall sharply after big rise in US oil inventories and rising output from Saudi Arabia.
Brent crude price falls $2 per barrel to reach to $58.53 on Thursday, after hitting a two-month high of $63 a barrel on Tuesday, this tumble drove the Russian rouble lower because oil is one of the country’s main exports.

Crude oil prices fall again Friday and caused worries among traders who are looking for a production slowdown that might boost oil prices after a report shows a decline in drilling units at U.S. market.
oil field services company Baker Hughes said that active U.S. rig count fell by 48 units this week and confirmed it is a smaller drop than it has reported in recent weeks, 37 of those rigs were drilling for oil, bringing the number of idled U.S. oil rigs down by 406 compared to this time last year. The oil rig count now is at its lowest level in almost four years.
U.S. benchmark West Texas Intermediate crude dropped 82 cents Friday to $50.34 a barrel in New York Mercantile Exchange trading, down about $3 for the week.
Brent crude, the international benchmark crude, edged up 11 cents to $60.32 in European trading Friday, but was down about $2 on the week.
On Thursday, Oil prices fall sharply after big rise in US oil inventories and rising output from Saudi Arabia.
Brent crude price falls $2 per barrel to reach to $58.53 on Thursday, after hitting a two-month high of $63 a barrel on Tuesday, this tumble drove the Russian rouble lower because oil is one of the country’s main exports.