Aug 19, 2015
By Michael Kramer
More pain for Canada’s oilsands producers.
The price of oil hit a six-year low today – with American stockpiles posting an unexpected increase of 2.6-million barrels.
Desjardins Capital Markets says the consensus of analysts was for a 400-thousand barrel drop in inventories.
October crude – the heaviest traded contract – closed down $1.85 at US$41.27 a barrel.
The slip in oil prices comes as Canadian producers struggle with a high discount to the U-S benchmark – after a major shutdown at a refinery that processes Canadian heavy oil.