Oil is again under pressure this week, ahead of a meeting Thursday in Vienna in which the Organization of the Petroleum Exporting Countries will decide whether to cut back production.
Prices could plunge to $60 US a barrel if OPEC does not agree to a significant output cut this week, according to market players.
West Texas Intermediate crude oil trading in New York was down 80 cents Monday, to $75.71 US, and Western Canada Select was down $1.48 cents, to $58.53 US. Brent crude, the price of half the world’s oil, has fallen 34 per cent since June and on Monday traded at $79.56, down $1.00. Read more here.