Posted AT 9:15 PM EST on 08/01/09
Canada's oil sells for less
CALGARY — A supply glut has jammed up Canada's pipeline system, driving the price of Canadian crude below global benchmarks in an anomaly expected to cut into fourth-quarter profits in the oil patch.
The short-term aberration, caused in part by new output from the oil sands, comes as energy companies grapple with unprecedented swings that have seen the price of crude soar to a record $147 (U.S.) a barrel in July and sink to a close of $41.
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