The Canadian government and Alberta have reached a significant milestone by signing a Memorandum of Understanding (MoU) aimed at enhancing energy cooperation and promoting sustainable economic growth. A key component of this agreement is the development of a contingent bitumen pipeline from Alberta to British Columbia, with a target capacity of at least 1 million barrels per day for waterborne exports. This development follows recent announcements from Canadian midstream operators about expanding brownfield crude oil pipelines, highlighting the strategic importance of increasing export capacity. Relevant assets include Oil – US Crude and Oil – Brent Crude.
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Over the past month, both Oil – US Crude and Oil – Brent Crude have experienced declines, with prices dropping by 5.12% and 5.50%, respectively. The one-day technical analysis signals for both assets indicate a Sell for US Crude and a Sell for Brent Crude. These trends suggest a cautious outlook for investors, as market conditions remain volatile amid ongoing developments in the Canadian oil sector. Investors can explore more updates, prices, and analysis across global markets at Commodities.