Think-tank predicts losses for Canada's oil industry to stretch into third year

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OTTAWA - Canada's oil extraction industry will have to ride through $21 billion in losses before it returns to profitability some time in 2017, according to the latest estimate from the Conference Board of Canada.

The Ottawa-based think-tank says the industry is headed for a $10-billion loss this year after a record-setting $11-billion loss last year, the first time on record it has failed to be profitable two years in a row.

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