Imperial Oil Ltd. (IMO) cut its purchase price for benchmark 40-degree gravity light crude oil at Edmonton by C$23 a cubic meter to C$421 a cubic meter, effective Monday.

In terms of barrels, it's now offering C$66.94 a barrel, down from C$70.60. The new purchase price indicates an export price delivered to Chicago of about US$66.32 a barrel after considering transportation and import charges and foreign exchange rates.

Actual export prices are confidential but are believed to be closely related to the posted levels.

Imperial Oil is an integrated oil and gas company.

-By Carolyn King, Dow Jones Newswires; 416-306-2100; carolyn.m.king@dowjones.com
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