While the most widely reported front-month crude price – West Texas Intermediate – continues to sit below US$40, the benchmark for local crude - Brent - continues to trade above US$40 on world markets.
The price differential between WTI and Brent hit US$11 per barrel temporarily on Friday.
Brent averaged US$55.50 (approx CDN$69) in trading in the fourth quarter of 2008.
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