OIL SLIPS AGAIN AFTER U.S. SURPRISE

Aug 19, 2015

By Michael Kramer

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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.

Unexpected indeed.

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.

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