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Oilsands producers should be 'weary' of declining oil prices: analyst
# E9 E: [) U6 g1 X5 |Thu Sep 11, 3:33 PM
' H. n+ X2 z- p/ F k; x& RThe Canadian Press 3 i( M- `1 q9 ~
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0 R% [; ?3 \+ h% V$ b9 u L- m% ?' I1 uCALGARY - Producers in Alberta's oilsands have reason to be nervous if the price of crude oil continues on its downward path, an energy analyst says.
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Vince Lauerman of Geopolitics Central says a barrel of crude oil could fall as low as US$60 for some time if the slowdown in global economic growth ends up being worse than expected. $ c5 U2 C# G5 @4 L7 d
" I* M1 r6 ?& r9 x4 o' ~" @And with that, Lauerman says, the higher cost producers in the oilsands should probably be somewhat weary. 9 q" X+ ]6 y% q$ J! Y
1 [; R$ {) g. @& \1 z+ \! i9 N, MCrude oil was within reach of double digits Thursday, hovering around US$100 in afternoon trading on the New York Mercantile Exchange. : k0 L6 t1 k. c4 n
- I( m) S( \- C: ~9 L8 q% s hThat marks a stunning descent from its record above $147 reached in mid-July. |
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