Energy

ANALYSIS: Nosediving Oil Prices—What’s Facing Canada’s Economy, Energy Sector

The price of the U.S. crude benchmark West Texas Intermediate (WTI) dipped below US$69 per barrel on Dec. 12 for the first time since late June.
ANALYSIS: Nosediving Oil Prices—What’s Facing Canada’s Economy, Energy Sector
Pumpjacks draw out oil and gas from wellheads near Calgary on April 28, 2023. As the price of oil falls, risks to the Canadian economy mount. The Canadian Press/Jeff McIntosh
Rahul Vaidyanath
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Oil was the top-performing asset in the third quarter but now it’s on one of its sharpest declines in recent years. It’s the kind of trend that can spell trouble for the Canadian economy and yet another hit for the country’s energy sector.
The price of the U.S. crude benchmark West Texas Intermediate (WTI) dipped below US$69 per barrel on Dec. 12 for the first time since late June, marking a decline of 26 percent from its Sept. 27 level of over US$93. Brent, the international oil benchmark, is on a seven-week losing streak.
Rahul Vaidyanath
Rahul Vaidyanath
Journalist
Rahul Vaidyanath is a journalist with The Epoch Times in Ottawa. His areas of expertise include the economy, financial markets, China, and national defence and security. He has worked for the Bank of Canada, Canada Mortgage and Housing Corp., and investment banks in Toronto, New York, and Los Angeles.
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