Crude oil costs slumped to a 10-month low Monday on a report that OPEC plus might hike output at its subsequent assembly.
The benchmark West Texas Intermediate is down US$5 as of late morning, buying and selling round US$75.43.
That’s about US$10 decrease than the worth of oil at first of final week, and US$35 decrease than the June peak, when oil hit US$110 per barrel.
Experts say the drop in oil costs Monday is because of a report by the Wall Street Journal that says Saudi Arabia and different OPEC-plus international locations might improve oil output by as much as 500,000 barrels per day.
OPEC-plus international locations are set to fulfill Dec. 4.
The share costs of Canadian oil corporations have been falling together with the worth of oil. The S&P/TSX capped power index was down about 5 per cent as of late morning.
This report by The Canadian Press was first printed Nov. 21, 2022