Varcoe: Prices tumble as Delta variant ‘gained control’ of oil market
After a strong price rally through the spring and early summer, a dose of reality has set in for volatile oil markets — and the financial prudence demonstrated by Canadian producers this year should pay off.
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Since the end of July, benchmark U.S. oil prices have fallen by more than $11 a barrel, with the September contract closing Friday at US$62.32, down $1.37 for the day.
It’s not a large enough decline to see oilpatch executives pulling out their erasers, or their hair, to rewrite 2021 business plans.
However, energy markets…