Posted AT 8:51 PM EST on 06/10/08
Oil price drop tarnishes fortunes of oil sands
OTTAWA — Canada's oil sands companies are facing a rough ride as crude prices continue to fall, putting a squeeze on high-cost producers around the world, and the crises in credit and equities markets make it difficult to finance expansions.
Reflecting dire concerns about a global economic slowdown, crude prices plunged more than 6 per cent Monday, dropping below $90 (U.S.) a barrel for the first time since last February.
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