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PARXF - Parex Resources: Set To Survive The Oil Price War Coronavirus Pandemic
Parex Resources Inc
The measures many countries have been taking to limit the spread of the coronavirus are decimating the demand for oil. In addition, the Russia-Saudi oil price war is fueling the supply/demand imbalance, which pushes commodity prices even lower.
As a result, oil prices plunged over the last several weeks and there's no sign of quick recovery. Brent prices are staying below US$30/bbl and WTI prices are getting close to US$20/bbl. The situation is even worse for the Canadian heavy oil index WCS below US$10/bbl.
Investing in the North American oil industry has become much riskier