If you haven’t been paying attention over the last week or two, oil prices have been tanking, and tanking hard.
By noon on Wednesday, Nov. 8, West Texas Intermediate was US$75.16. On Monday, Nov. 6, it was US$80.82. On Oct. 19, the price was US$88.37. That’s a slide of US$13.21, or 15 per cent, in 20 days.
But perhaps more significantly, Western Canadian Select has fallen below the US$50 mark. According to Oilprice.com, at noon the price was US$49.92. That’s a differential of US$25.24.
