Prices for rights to Canadian oil sands the highest in 8 years

Calgary

AN indication that crude's recent rally has further to run can be found in the northern forests of Alberta, where companies are paying the most in eight years to lease land for oil sands development.

Auctions attracted the highest prices since 2007 in the first four months of the year even as Canadian heavy oil slid below US$30 a barrel, from US$87.23 in June, and producers from Cenovus Energy Inc to Royal Dutch Shell Plc slashed spending and jobs.