Canada Commodities: Oil Prices Fall on Higher Middle East Crude Exports
MT newswire2026/10/05 13:5109:51 AM EDT, 10/05/2026 (MT Newswires) -- Oil prices were lower Monday morning as Middle East crude exports rose, and the Group of Seven nations agreed to release oil and diesel stocks. Reuters reported today that crude exports from the Middle East jumped to above pre-war levels on four of the seven days in the last week of September. The news agency cited provisional data from ship-tracking firm Kpler. West Texas Intermediate November crude oil futures, the US benchmark, fell 2% to $89.23 per barrel. December Brent oil futures, the international benchmark, fell 0.6% to $101.61 a barrel. Comex gold December futures extended last week's gains, edging up 0.4% to $4,178.70 per ounce as expectations for a rate hike in October retreated. The Bureau of Labor Statistics last Friday released data showing that the US added just 29,000 jobs for the month of September. Earlier in the week, US personal consumption expenditure price index (PCE) rose 3.4% year over year for August, unchanged from the previous month. In agricultural commodities, December wheat futures advanced near 2% to $6.96 per bushel, while canola futures for November rose 1% to CA$823.50 per tonne.
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