Heavy Canadian Crude Falls to Record Low Amid Production Cuts
- Benchmark oil-sands marker drops to $13.46 a barrel Thursday
- Producers curtail 140,000 barrels a day or more of supply
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Heavy Western Canadian Select crude fell to a record low as several oil producers shut in production and some demand the Alberta government intervene to mandate across-the-board cuts.
The oil-sands benchmark fell $2.29 to $13.46 a barrel Thursday, the lowest in Bloomberg data extending back to 2008. The price broke a previous record set in early 2016, when West Texas Intermediate crude futures were trading under $30 a barrel amid a world-wide supply glut.