Log in
Forgot password ?
Become a member for free
Sign up
Sign up
New member
Sign up for FREE
New customer
Discover our services
Dynamic quotes 

MarketScreener Homepage  >  Equities  >  Toronto Stock Exchange  >  Royal Bank of Canada    RY   CA7800871021


SummaryMost relevantAll NewsAnalyst Reco.Other languagesPress ReleasesOfficial PublicationsSector newsMarketScreener Strategies

Oil slides as OPEC+ delays decision on output cuts

12/01/2020 | 04:56pm EST
FILE PHOTO: The sun sets behind a pump-jack outside Saint-Fiacre

NEW YORK (Reuters) - Oil prices extended losses to a second day on Tuesday after OPEC and its allies left markets in limbo by postponing a formal meeting to decide whether to lift output come January.

Brent crude ended the session down 46 cents, or 1%, at $47.42 a barrel, while U.S. West Texas Intermediate settled down 79 cents, or 1.7%, at $44.55.

Prices extended losses in post-settlement trade after industry data from the American Petroleum Institute showed U.S. crude inventories rose by 4.1 million barrels last week, compared with analysts' expectations in a Reuters poll for a draw of 2.4 million barrels.

The Organization of the Petroleum Exporting Countries, Russia and other allies, a group known as OPEC+, delayed talks on next year's output policy to Thursday from Tuesday, sources said.

OPEC+ had been expected to ease current production cuts of 7.7 million barrels per day (bpd) by 2 million bpd from January.

However, the group has been considering extending existing cuts of about 8% of global demand into the first months of 2021, a position backed by de facto OPEC leader Saudi Arabia, sources say. Russia, meanwhile, backs a gradual increase.

Additional supply would undermine a recent rally which saw prices soar about 27% in November, and some nations are concerned about lower prices as demand remains weak and COVID-19 infections soar.

"The group will probably find some face-saving compromise, with a short extension being the most likely outcome followed by a phased production return," said Helima Croft at Royal Bank of Canada.

"Nonetheless this latest fracas does not bode well for collective cohesion in 2021 as vaccine optimism abounds and producers anticipate a strong recovery," Croft added.

Both benchmarks rallied recently on hopes that COVID-19 vaccines would boost the global economy and fuel demand, aided by expectations that oil producers would keep a tight rein on output amid a new wave of the virus.

"The apparent glitches in the OPEC discussions that have forced a delay in the full OPEC+ zoom meetings until Thursday have stalled the upward oil price momentum that proved quite impressive last month," said Jim Ritterbusch, president of Ritterbusch and Associates.

A Reuters poll of 40 economists and analysts forecast Brent would average $49.35 a barrel next year.

Graphic: Brent and WTI price forecast for 2021 https://graphics.reuters.com/OIL-PRICES/azgvozdjopd/chart.png

(Additional reporting by Shadia Nasralla in London and Aaron Sheldrick in Tokyo; Editing by Marguerita Choy and Jonathan Oatis)

By Devika Krishna Kumar

© Reuters 2020
07:58aROYAL BANK OF CANADA : RBC and Alliance Data's Bread® form strategic alliance to..
07:01aROYAL BANK OF CANADA : RBC and Alliance Data's Bread® form strategic alliance to..
01/27ROYAL BANK OF CANADA : Women of Influence Launches the Name Her, Nominate Her Ca..
01/26ROYAL BANK OF CANADA : Barilla and Royal Bank of Canada (RBC) Are Honored for Th..
01/26ROYAL BANK OF CANADA : RBC Insurance adds new participating life offering to hel..
01/26ROYAL BANK OF CANADA : Publication of Final Terms
01/25ROYAL BANK OF CANADA : RBC Global Asset Management Inc. expands RBC Fixed Income..
01/25ROYAL BANK OF CANADA : announces NVCC subordinated debenture issue
01/25MARKET CHATTER : Permira, Shareholders To Raise $1.78 billion Via Dr. Martens' L..
01/25ROYAL BANK OF CANADA : Ex-dividend day for
More news
Sales 2021 45 560 M 35 424 M 35 424 M
Net income 2021 11 626 M 9 039 M 9 039 M
Net Debt 2021 - - -
P/E ratio 2021 12,1x
Yield 2021 4,15%
Capitalization 148 B 116 B 115 B
Capi. / Sales 2021 3,25x
Capi. / Sales 2022 3,11x
Nbr of Employees 83 842
Free-Float 88,3%
Duration : Period :
Royal Bank of Canada Technical Analysis Chart | MarketScreener
Full-screen chart
Technical analysis trends ROYAL BANK OF CANADA
Short TermMid-TermLong Term
Income Statement Evolution
Mean consensus OUTPERFORM
Number of Analysts 16
Average target price 111,83 CAD
Last Close Price 104,08 CAD
Spread / Highest target 23,0%
Spread / Average Target 7,44%
Spread / Lowest Target -14,5%
EPS Revisions
Managers and Directors
David Ian McKay President, Chief Executive Officer & Director
Kathleen Patricia Taylor Chairman
Bruce Ross Group Head-Technology & Operations
Rod Bolger Chief Financial Officer
Foteini Agrafioti Chief Science Officer
Sector and Competitors