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Oilsands producers should be 'weary' of declining oil prices: analyst
) U9 @ G2 a0 E' e4 AThu Sep 11, 3:33 PM/ t+ K. ^4 q+ W T1 C' v
The Canadian Press
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CALGARY - 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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! `) }. X' T' \' y9 z E1 o2 jVince Lauerman of Geopolitics Central says a barrel of crude oil could fall as low as US$60 for some time if the slowdown in global economic growth ends up being worse than expected. 8 g: y1 Q$ n$ g# Z3 W1 }
$ E- n2 O4 [7 I0 V3 nAnd with that, Lauerman says, the higher cost producers in the oilsands should probably be somewhat weary. 4 F# F9 |# m" r' x( s
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Crude oil was within reach of double digits Thursday, hovering around US$100 in afternoon trading on the New York Mercantile Exchange.
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8 A& Z7 _& Y$ z; lThat marks a stunning descent from its record above $147 reached in mid-July. |
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