Some Oil in Canada Has Already Tumbled Below $10 a Barrel
- Syncrude, Suncor push back spring work at oil sands sites
- Oil to enter increasingly glutted market as virus kills demand
The price drop is another blow to Canadian oil-sands producers.
Photographer: Brent LewinThis article is for subscribers only.
As global oil benchmarks crash below $25 a barrel, some crude from Canada is already trading below $10 for the first time ever.
Heavy Canadian crude, which typically trades at a discount to U.S. West Texas Intermediate oil, is tumbling after the country’s oil-sands producers were forced to delay maintenance, pushing more supply into the market at the worst possible time.