Canadian National Railway Co. (TSX:CNR) and Tundra Energy Marketing Ltd. announced that they will be constructing a crude oil rail car loading terminal close to Cromer, Manitoba. The terminal will be used by companies producing Bakken crude oil in Manitoba and Saskatchewan.
StatoilHydro declared it has signed a deal to purchase South Riding Point crude oil terminal in the Bahamas for $263.2M. For full story, click here
Recent dismal economic data and growing U.S. inventories kept oil prices below $50 a barrel Friday despite hopes of a possible second-half recovery in crude demand. Benchmark crude for May delivery fell 40 cents to $49.58 a barrel by Noon in European electronic trading on the New York Mercantile Exchange. The contract on Thursday rose 73 cents to settle at $49.98.
The Drift River oil terminal at the base of Mount Redoubt announced that it has moved forward with plans to draw down crude oil. For full story, click here
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