The price of oil remained close to $98 a barrel Monday after figures showing stronger U.S. hiring suggested demand for crude could increase.By early afternoon in Europe, benchmark U.S. crude for January delivery was down 2 cents at $97.63 a barrel time in electronic trading on the New York Mercantile Exchange. The contract closed up 27 cents at $97.65 on Friday.U.S. data has been showing strong signs of economic recovery, helping the Nymex contract rise last week by nearly 6 per cent, its [Read more]

CALGARY - The Alberta Securities Commission has withdrawn obstruction of justice allegations against troubled Calgary-based firm Poseidon Concepts Corp.In September, the regulator had alleged that Poseidon Concepts tried to hide changes in minutes taken during its board of director and audit committee meetings.The documents, which were handed over to the watchdog, were taken between Nov. 1, 2011 and Feb. 28, 2013.The ASC did not provide reasons for the decision to withdraw its allegations, which [Read more]

CALGARY - A university study suggests Canada's First Nations harbour a deep mistrust of the oil and gas industry, but are willing to talk energy development if it can be proven to be beneficial to them.The study by the University of Calgary's School of Public Policy surveyed 300 individuals by phone and online in aboriginal communities across the country between July 6 and July 15.The goal was to get a better idea of how First Nations view the industry and how knowledgeable they are about [Read more]

EDMONTON - A report by an environmental monitoring agency has found the variety of plants and animals in the oilsands area is largely healthy. But the Alberta Biodiversity Monitoring Institute, funded by industry and government, has found that animals that prefer old-growth forests, such as marten, are deserting the region in favour of those such as coyotes, which are found everywhere. The institute found that the oilsands area is still about 94 per cent intact when it comes to what's [Read more]

NEW YORK - The price of oil edged higher Thursday as the U.S. economy grew more than expected in the third quarter.Benchmark U.S. crude for January delivery rose 18 cents at $97.38 a barrel on the New York Mercantile Exchange. Oil rose near $98 for the first time in five weeks before falling back a bit. Oil is still up $4.66 a barrel, or 5 per cent, this week.Meanwhile, natural gas rose to the highest level in six months as the Energy Department reported a large decline in supplies and cold [Read more]

VANCOUVER - A report commissioned by the federal government in an attempt to resolve an impasse with British Columbia First Nations over energy projects says trust and reconciliation need to be established between aboriginals and governments.The report by Doug Eyford says most First Nations communities in B.C. and Alberta see the value and economic opportunity in energy developments — but they want that development done in an environmentally sustainable way that acknowledges their [Read more]