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CALGARY – As benchmark oil prices tumbled to new 11-year lows on Monday, a new report painted a grim picture of the outlook for energy prices next year and 2017.

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The oil collapse that pushed crude to 11-year lows today is a chance to make long-overdue improvements to Canada’s oil market — and along with it there is opportunity to make money, traders say. Continue reading.

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Scotiabank Economics said that while other commodities are set to rebound in 2016, West Texas Intermediate oil prices would average “no more than US$40-45 per barrel for 2016 and US$45-50 for 2017.”

“I think 2016 will start off very low, below $40, and could be as low as $30 in the first quarter,” vice-president economics and commodity markets specialist Patricia Mohr said in an interview.

Both WTI and Brent, the global benchmark oil price, tumbled to new multi-year lows on Monday, following a month-long downward trend since the last Organization of Petroleum Exporting Countries (OPEC) meeting on Dec. 4.