Oil mixed ahead of OPEC meeting

NEW YORK, Oct. 20 (UPI) -- A win for a pro-green party in the Canadian election offset market concerns about the outcome of OPEC's next meeting, giving a lift Tuesday to crude oil prices.

A victory for the Liberal Party in the 2015 national elections in Canada pushed longtime oil supporter and Prime Minister Stephen Harper into the opposition. Justin Trudeau, seen as an advocate for a low-carbon economy, emerged as the prime minister designate.

Canada's economy is flirting with recession because of depressed crude oil prices and the Labor victory could signal a shift for the North American oil producer.

Crude oil prices were mixed overall to start trading Tuesday in New York. Brent crude oil started the day down about 0.4 percent to $48.43 per barrel. West Texas Intermediate, the U.S. benchmark price for crude oil, gained about 0.4 percent to $46.08 per barrel.

Technical experts with the Organization of Petroleum Exporting Countries meet Wednesday in Vienna to discuss market trajectory as the economies from members and non-members alike feel the strains of the steady drop in crude oil prices, which are down about 50 percent from this time last year.

North American crude oil production is showing signs of weakening, though OPEC said in its latest monthly market report output from member states in September increased by 109,000 barrels per day for an average 31.6 million bpd.

Member state Iran said it would lobby for considerations among OPEC ministers to make room for more of its crude oil now that sanctions pressures are easing in response to a breakthrough multilateral nuclear agreement.

An OPEC decision in November to keep production steady increased the downward pressure on oil markets favoring the supply side because of increased output from the United States. A survey last week from energy reporting group Platts finds few indications OPEC will cut production for 2016.