CALGARY — A market analyst says Alberta's oilpatch is likely through with the bulk of spending and job cutbacks, but it's not out of the woods yet.
Scott Smith with Cambridge Mercantile Group says there could be a bit more pain on the horizon, but nothing too dire.
Smith made his remarks as Statistics Canada posted some discouraging data that showed the economy contracted by 0.6 per cent during the first quarter — the worst performance in nearly six years.
Oil prices have been locked in the US$55 to US$60 a barrel range for several weeks, but Smith says there's a risk they could drop again.
He says that's because the price doesn't necessarily reflect global oil supply and demand being in balance.
This week, the Conference Board of Canada said a recession in oil-centric Alberta is unavoidable this year and estimated 24,000 jobs would be lost in the construction and mining sectors.
