Meanwhile, in Canada, conventional mid-sized oil producers often have a break-even price in the $50 US to $55 US per barrel range. Oilsands companies can withstand much lower prices.

Brent futures settled at $71.31 a barrel, down 4 cents after touching its highest since May 2019 earlier in the session. U.S. crude settled at $68.81 a barrel, losing 2 cents.