After a sharp downturn in December, oil prices have recovered, with the benchmark North American contract nearing the key $50 US a barrel threshold, before sinking back again. Stocks have been volatile for the past four weeks amid uncertainty over oil prices, trade wars and the economic outlook. OPEC and non-OPEC countries such as Russia, have agreed to cut production by 1.2-million barrels a day in January. In a report released Sunday, Goldman Sachs slashed its oil price forecast for 2019, citing rising shale production and slowing economic growth. Oil's slide in December was tied to fears about a decline in economic growth as the U.S. and China continue their trade war.

Source: CBC News January 07, 2019 17:26 UTC