Canadian merger as crude breaches $51 per barrel

Crude Investing News reports crude markets improves with merger of SunCorp and Petro-Canada announcement.

The merger comes at a time when oil prices are coming off recent lows and Petro-Canada was trading around the $30 mark, or half the 52 week high of $61.85.  The combined company will have daily production of approximately 680,000 barrels and a resource base of 7.5 billion barrels.  It is understood that Petro-Canada’s retail operations will continue to operate as is.

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