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Costs to produce crude in oilsands finally drop after 15 years of sharp inflation

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CALGARY – After a 15-year period of sharp and continuous inflation, the cost to produce crude from northern Alberta’s oilsands dropped this year, according to a new report from IHS Energy. “Costs will continue to come down, but that’s true of all sources of (oil) supply in the world and …

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Oil hits lowest since 2004 with Goldman Sachs predicting $20 crude before we’re done

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LONDON — Brent crude prices hit their lowest in over 11 years on Monday, hounded by a relentless rise in global supply that looks set to outpace demand again next year. Oil production is running close to record highs and, with more barrels poised to enter the market from the …

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Canadian crude — the world’s cheapest oil — falls to record low as slump deepens

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A deepening oil market slump is adding fresh pain for producers of the world’s cheapest crude as the Canadian heavy grade reached a record low, raising the prospect of more production coming offline. Spot prices for Western Canadian Select fell to US$19.81 a barrel on Wednesday, the lowest since tracking …

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Crude prices are getting slammed, in wild day for oil market

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Crude oil is getting slammed on Monday, with front-month contracts for Brent and West Texas Intermediate each down more than 6 per cent at their lows of the day. Meanwhile, Western Canadian Select, a heavier blend of crude, trades at US$16.32 per barrel. A supply response to lower prices continues …

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Crude awakening: What will the worst oil rout since 1970 mean for the global economy?

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The current oil rout is now worse than any since 1970, with the price of Brent crude slumping from $115 a barrel in the summer of 2014 to an 11-year low beneath $32 in recent days. Oil could sink to $20 a barrel because of this unexpected foe, warns Morgan …

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Canadian dollar, crude oil plunge in tandem to lowest levels in 13 years

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CALGARY – Crude oil prices and the Canadian dollar nosedived in tandem on Tuesday, bringing Canadian stock prices down with them, with the S&P/TSX Composite Index falling to its lowest point since 2013, before recovering on the back of a late-day rally in bank stocks. Loonie set for unprecedented plunge …

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Brent crude oil drops below US$30 for first time since April 2004

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Brent oil dropped below US$30 a barrel for the first time since April 2004 on speculation Iranian shipments will soon climb. Crude fell as much as 2.9 per cent in London on signs that the nuclear deal between Iran and world powers may be implemented by the time markets open …

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Rebound in crude prices helps loonie break through 70 cents U.S.

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TORONTO — Strengthening oil prices helped the commodity-sensitive loonie punch through the 70-cent U.S. mark, closing at 70.03 cents U.S. That’s an increase of 1.02 cents from Wednesday’s close. The Canadian dollar hasn’t closed above 70 cents U.S. in more than a week. Colin Cieszynski, chief market strategist at CMC …

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Canadian heavy crude crashes to more than 50% discount to WTI

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CALGARY — Canadian heavy crude traded at a more than 50 per cent discount to U.S. crude on Wednesday as the global oil price rout worsened, meaning oil sands producers are deep in the red on every barrel of crude they sell. Western Canada Select heavy blend crude for February …

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Oil prices beginning with ‘One’ could be with us soon as crude tanks to 12-year lows

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This is a Benjamin Button oil market. Reliving its twenties already, it now faces the decidedly awkward prospect of heading back into its teens. U.S. crude climbed above $27 in New York after touching $26.13. The energy minister from the United Arab Emirates said OPEC may cooperate to curb output, according …

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