NEW YORK, Nov. 18 (UPI) -- Crude oil prices continued to move into red territory Tuesday ahead of pivotal decisions for the North American and overseas markets.
Members of the U.S. Senate vote Tuesday on a bill that aims to clear a regulatory hurdle for the Keystone XL oil pipeline planned from Canada. The pipeline could clear more oil for refiners on the southern U.S. coast and influence the price for West Texas Intermediate crude oil, the U.S. benchmark.
Russ Girling, chief executive officer at Keystone XL planner TransCanada, said in a statement Tuesday characterizing the project as an export pipeline is "factually incorrect."
WTI for the December contract fell below the $75 mark in early Tuesday trading. Long term contracts show WTI moving out of the $75 per barrel range only by February 2016.
Members of the Organization of Petroleum Exporting Countries meet next week to consider their production guidelines in the shale era. Some OPEC members have already cut their prices in an effort to shore up market positions in healthier Asian economies.
The increase in oil production from North America means the region relies less on foreign crude oil, a trend Girling said would only increase with Keystone XL.
The indices that make up the OPEC basket traded at $73.90, down nearly $5 per barrel from one week ago.
Brent continued the fall that began with Monday's announced the Japanese economy slipped unexpectedly into recession, moving further below the $80 mark.
Brent, for which the December contract has expired, shed more than 60 cents early Tuesday to trade near the $78 per barrel mark for January delivery.
