Suncor Back in Favor as Alberta Heavy Oil Price Doubles
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Suncor Energy Inc. and other Canadian oil stocks have risen almost twice as much as global competitors after the country’s crude rose to a one-year high on optimism that pipeline bottlenecks are easing.
Heavy-oil producers Suncor, Imperial Oil Ltd., Canadian Natural Resources Ltd., Cenovus Energy Inc. and Baytex Energy Corp. have returned an average of 15 percent in the past three months as the benchmark price of Canadian heavy oil soared to as high as $91.54, more than double its low in December. An index of global oil stocks rose 7.6 percent in the same period.