$20 Oil? Welcome to Canada, Where Crude Prices Haven't Recovered
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Western Canada Select slumped below $20 a barrel on Thursday, the lowest in more than two years, continuing a brutal streak of declines for the country’s main grade of crude.
The drop has come as rising production from Canada’s oil-sands overwhelms the nation’s pipeline capacity, and as refinery capacity in the U.S. dwindles amid planned maintenance.