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Rod Buchan (L), an employee, talks to Randy Penny, vice president of operations during a tour of the Cenovus Foster Creek SAGD oil sands operations near Cold Lake, Alberta, July 9, 2012.
Rod Buchan (L), an employee, talks to Randy Penny, vice president of operations during a tour of the Cenovus Foster Creek SAGD oil sands operations near Cold Lake, Alberta, July 9, 2012.
(Todd Korol/Reuters)

Oil patch stocks bruised by growing U.S. outflows

U.S. investors have winnowed down their positions in some companies in the Canadian energy sector, adding to already-heavy pressure on stocks that should be getting a lift from recently improved crude prices.

The effect, which appears to be driven by lingering fears over Canada’s ability to add new export pipeline space as a route to higher oil prices, is most pronounced at Cenovus Energy Inc., the oil sands producer, TD Securities analysts said.