Oil prices in Canada touch new low at $20

NEW YORK: As oil crashed through $35 a barrel in New York, some producers were already living with the reality of much lower prices. A mix of Mexican crudes is already valued at less than $28, an 11-year low, according to data compiled by Bloomberg. Iraq is offering its heaviest variety of oil to buyers in Asia for about $25. In western Canada, some producers are selling for less than $22 a barrel. "More than a third of the global oil output is not economical at these prices," Ehsan Ul-Haq, senior consultant at KBC Advanced Technologies, said. "Canadian oil producers could have difficulty in covering their operational costs. Most places in the world, a lot of the producers they don’t really get the Brent price, and they don’t get the WTI price." Global benchmark Brent slid 5 cents to $37.87 a barrel on the ICE Futures Europe exchange.