Oil prices fell further Wednesday, with the international benchmark for crude sliding below $45 a barrel. With the glut persisting, the outlook for oil prices has been dampened. Currently, Iran is one of three OPEC countries that have not been asked to cut oil production. Last week, OPEC countries and a group of other oil-producing nations, led by Russia, agreed to extend their overall cuts by nine months until next March. The Canadian dollar, which is closely tied to the movements of oil prices, was trading down 0.28 of a cent at 75.12 cents US.

Source: CBC News June 21, 2017 17:47 UTC