The price of the Canadian oil benchmark, Western Canadian Select, has been obliterated this week, sinking as low as US$5.03 in this mornings trading. This mornings fall of $1.42 per barrel follows yesterdays massive tumble of $2.45 per barrel to close the day at $6.45.
The fall marks a second day of record lows for the benchmark, with yesterday’s close at $6.45 having been a new low for the commodity. The sharp decline in oil has resulted in the price of shipping product now being higher than that of what can be collected for it on the market
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