Oil futures continued trending downward Monday, as pressure tightens on the energy sector amid
reports that OPEC and Russia could start pumping more oil soon.
Crude oil prices were down $1.84 a barrel to $86.53 (CDN) in mid-morning trading.
This comes as the other news of the day swirls around
Kinder Morgan Canada Ltd. admitted that 100-litres of medium-blend crude-oil
spilled out of its Darfield station north of Kamloops, British Columbia.
The Company set a hard deadline to save the Trans Mountain expansion project from Alberta to B.C’s coast by May 31
st. The
Financial Post stated, this
spill casts doubt among investors and the government that the $7.4 billion (CDN) project can be saved.
B.C.'s Environment Ministry stated that vacuum crews contained the spill and no waterways were affected.
The Tans Mountain Pipeline was shut down as precautionary measure.