Commodity prices lowest since 2007
The latest Scotiabank commodities report looks a little more positive for oil, but not so much for oilseeds, grains and other agricultural commodities that Saskatchewan produces. Patricia Mohr, Scotiabank Economics commodities specialist, said oil prices appeared to bottom out at US$44.45 per barrel West Texas Intermediate (WTI) in January before bouncing back to US$50 to US$60 in mid-February. The rally is due to the sharp drop in U.S. drilling in shale oil formations, like the Bakken in North and South Dakota and Montana, Mohr said.
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