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Oil tanks below US$40 a barrel after OPEC mantains output amid global glut

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NEW YORK — Oil prices fell on Friday after news that the Organization of Petroleum Exporting Countries was planning to maintain its production near record highs despite depressed prices, as the producer group continued to guard its share of an oversupplied market. The group failed to agree on a new …

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At $22, three quarters of oilsands production is underwater and losing up to $3 on every barrel

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CALGARY — U.S. crude’s slide to US$35 a barrel this week has left many Canadian oilsands producers selling their oil at a loss, with some analysts predicting even more pain in 2016. Never mind $35 a barrel, Canada’s oil is selling for closer to $20 As oil crashes through $35 …

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Extreme bears are betting oil is going as low as $25, $20 and even $15 a barrel in 2016

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Oil speculators are buying options contracts that will only pay out if crude drops to as low as US$15 a barrel next year, the latest sign some investors expect an even deeper slump in energy prices. 'We all know someone who has lost a job': Oil crash takes heavy toll …

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Oil falls below US$32 a barrel to hit new 12-year low: ‘China has torpedoed the hopes of optimists’

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Crude declined to a 12-year low, confirming the view of hedge funds that cut bullish price bets to the lowest since 2010. Futures dropped as much as 6.4 per cent in New York, adding to last week’s 10 per cent slide. Speculators’ net-long position in West Texas Intermediate crude slipped …

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Doomsday warning as predictions of $10-a-barrel oil grow

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Oil prices fell to fresh lows below $30-a-barrel Tuesday amid warnings the price rout could hit US$10 a barrel and bring down gas prices to levels last seen in 2009. Investment bank Standard Chartered became the latest big name to downgrade its oil outlook joining the likes of Goldman Sachs, …

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Obama seeks new $10-per-barrel oil tax in budget proposal to fund clean transport

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President Barack Obama will propose a US$10 per barrel tax on oil in his fiscal 2017 budget to finance self- driving cars, public transit, railroads and other transportation improvements, the White House said. “By placing a fee on oil, the President’s plan creates a clear incentive for private sector innovation …

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