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Canadian oil stocks slumping in response to falling oil prices this morning

As the price of oil fell below $70 this morning, Canadian energy companies are feeling the effect of that in slumping stock market prices.

The Canadian dollar has also dropped almost a full US cent, with the OPEC’s decision not to cut oil production.

This morning Suncor Energy saw stocks fall 6.15 per cent down to $36.72, prices for CNRL are down $3.43, more than 8 per cent, and Seven Generations Energy fell more than 10 per cent today down $19.46 a share, it’s lowest price since the company went public last month.

ConocoPhillips saw a 1.25 per cent drop in share prices this morning, and Deveon Energy is down 1.17 per cent to $64.02 a share.

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Oil prices are now hovering around the 70 dollar mark.

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