West Texas Intermediate, which is a type of oil that's much easier to refine and as such is the much more commonly used oil price benchmark, was trading at just under $70. "To maximize value, we are shifting capital from primary heavy crude oil to light crude oil," CNR said in releasing its quarterly earnings. Rail is another way for Canadian oil companies to get their oil to market, and there too, the system can't process any more oil. Canadian oil shipments by rail rose to a record 198,788 barrels of oil per day in May, the latest month for which there is available data. Analyst Tom Kloza of the Oil Price Information Service says lack of pipelines are to blame.

Source: CBC News August 07, 2018 15:56 UTC