Oil declined for a fourth day on concern recent gains were unsustainable, while shuttered Canadian operations started to reopen.
canadian oil sands
Suncor said it has acquired 72.9% of Canadian Oil Sands shares.
Even as millions of barrels of oil are pumped at a loss at current prices, only a fraction of the production has been shut, industry research group Wood Mackenzie said.
Suncor Energy said it has extended an offer for Canadian Oil Sands until the end of January.
Suncor Energy's hostile takeover of Canadian Oil Sands shareholders remains on track after it extended its offer to COS shareholders until January 8.
Canadian Oil Sands Ltd set a capital expenditure target of C$295 million ($221 million) for 2016, down about 35% from the estimated budget for 2015, saying the Syncrude oil sands project would help raise output at lower costs.
Suncor said it may scrap its $4.5 billion hostile bid for Canadian Oil Sands if Alberta regulators endorse a poison pill that would give the target company more time to find other bidders.
Suncor Energy's battle for Canadian Oil Sands Ltd. is getting more crowded.
Canadian oil firm Nexen said today it had agreed to push back by 30 days the closing date of its £9.6billion acquisition by Chinese oil national CNOOC, until March 2.
It looks as if this year, upstream oil and gas capital spending will pass the $1trillion mark for the first time ever.
ENERGY service giant Wood Group is to continue looking at future acquisitions after posting a near-50% jump in profits in the first half.
Proven oil and gas reserves grew last year for the first time since 2005 despite a 23% drop in international upstream investment, according to analysts at IHS Herold.