CALGARY (Dow Jones)--Imperial Oil Ltd. (IMO) raised its purchase price for benchmark 40-degree gravity light crude oil at Edmonton by C$11 a cubic meter to C$468 a cubic meter, effective Tuesday.
In terms of barrels, the company is now offering C$74.42 a barrel, up from C$72.67. The new purchase price indicates an export price delivered to Chicago of about US$70.96 a barrel after considering transportation and import charges and foreign exchange rates.
Actual export prices are confidential but are believed to be closely related to the posted levels.
Imperial Oil is an integrated oil and gas company.
-By Tara Zachariah, Dow Jones Newswires; 416-306-2100; tara.zachariah@dowjones.com
Bilibala comments
Imperial Oil is the largest oil & gas refiner in Canada. That's the reason why it need to purchase addition oil on top of the its own production.
Rise price means the corporation expect the oil price will rise or at least stable at a higher ground.
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