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The Canadian energy industry may not be popping champagne just yet, but a rebound in local crude prices may offer some reasons for hope.

With producers like Cenovus Energy Inc. shipping more oil by rail and U.S. refineries starting back up after a heavy maintenance season, Canadian crude has recovered some of its historic losses. Since hitting a record low on Nov. 15, the spot price of heavy Western Canada Select has risen 35 per cent, or US$4.65 a barrel.

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“It’s not that our constraints have gone away, but they are pretty stable,” Joan Pinto, an energy specialist at Canadian Imperial Bank of Commerce, said in an interview.

As WCS has been climbing, the West Texas Intermediate benchmark has been falling in the U.S., driven by increased supplies and speculation that OPEC may forgo a production cut at its next meeting.