A flag with the Organization of the Petroleum Exporting Countries (OPEC) logo is seen during a meeting of OPEC and non-OPEC producing countries in Vienna, Austria September 22, 2017.
U.S. West Texas Intermediate crude futures — the North American benchmark — finished down 97 cents US, at $73.25 US. On Monday, WTI had fallen by 3.6 per cent to settle near a four-month low.Posted: Jun 04, 2024 6:06 PM EDT | Last Updated: 2 hours ago
Extending losses from a four-month low reached on Monday, Brent crude futures settled down 84 cents US, or more than one per cent, at $77.52 US a barrel. The closing price of Brent, the global benchmark price, on Monday was below $80 US for the first time since Feb. 7 after falling more than three per cent.
In Canada, the downward trend in oil prices weighed on the TSX, where the energy index of companies was down more than two per cent."The same negative macro headlines that have raised likelihood of a cut tomorrow are affecting expected demand for energy products, which is weighing on oil prices," said Kevin Burkett, portfolio manager at Victoria-based Burkett Asset Management.
The planned October unwinding adds jitters about oversupply in an environment where traders are already spooked about high interest rates hampering global economic activity.
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