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Pipes that carry various liquids from their MacKay River pad in the oil sands in Fort McMurray Alta, on Monday June 12, 2017. (JASON FRANSON/THE CANADIAN PRESS)
Pipes that carry various liquids from their MacKay River pad in the oil sands in Fort McMurray Alta, on Monday June 12, 2017. (JASON FRANSON/THE CANADIAN PRESS)

Oil glut to weigh on energy-sector earnings season Add to ...

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Sub-$50 oil and questions about the need for new heavy oil pipelines will dominate this Canadian energy-sector earnings season.

The West Texas intermediate price drop into the low $40s (U.S.) a barrel in June has hammered any vestigial optimism in Canada’s oil patch. The S&P/Toronto Stock Exchange energy index had been making gains to the end of last year as some of the world’s largest crude producers made targeted production cuts and oil prices climbed out of a two-year hole. Oil producers had penned 2017 budgets with prices of $50-55 a barrel in mind.

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