North American oil prices climbed by more than one per cent on Monday following the upheaval in Venezuela over the weekend, while stock prices of some large Canadian oil and gas companies have fallen.
A barrel of West Texas Intermediate, the North American benchmark, was trading about 1.5 per cent higher by midday, up nearly $1 to just over $58 US. Prices remain relatively cheap and are about $15 lower than compared to one year ago.
Meanwhile, several Canadian oil and gas companies are taking a hit to their stock price. The Toronto Stock Exchange’s energy index was down about 4.5 per cent by midday Monday.
