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US NEWS 
CALGARY — Crude oil prices slumped to a 10-month low Monday on a report that OPEC plus may hike output at its next meeting.
The benchmark West Texas Intermediate is down US$5 as of late morning, trading around US$75.43.
That’s about US$10 lower than the price of oil at the beginning of last week, and US$35 lower than the June peak, when oil hit US$110 per barrel.
Experts say the drop in oil prices Monday is due to a report by the Wall Street Journal that says Saudi Arabia and other OPEC-plus countries may increase oil output by up to 500,000 barrels per day.
OPEC-plus countries are set to meet Dec. 4.
The share prices of Canadian oil companies were falling along with the price of oil. The S&P/TSX capped energy index was down about five per cent as of late morning.
This report by The Canadian Press was first published Nov. 21, 2022.
The Canadian Press
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