April 21, 2020 – North Shore News
Plunging oil prices point to 'deep collapse' in sector, drilling firm CEO warns
By The Canadian Press
CALGARY — The CEO of one of Canada's largest drilling rig contractors says plunging North American crude prices on Monday and Tuesday are signs that the oil industry is headed for a "deep, deep collapse."
On Tuesday, U.S. benchmark West Texas Intermediate oil future contracts for June delivery settled at US$11.57 per barrel, down US$8.86. With Monday's decline, the price is down more than 57 per cent in...