The standoff between Russia and the West over Ukraine has increased Europe's quest for alternative suppliers of oil and gas and Canada's exports to Europe have already started to pick up in the last few months.

Brent crude capped a sixth weekly loss, the longest losing streak since 2002, as OPEC boosted production to a 14-month high amid a global surplus.

Members of OPEC, the group that supplies 40 percent of the world’s oil, are engaged in an internal price war as they seek to preserve their share of an oversupplied market

Oil prices are likely to be mired near their lowest levels in more than four years in 2015 and investments will take a backseat, underlining a gloomy outlook for the industry.

OPEC Head Tells Oil Market to Stop Panicking About Prices

Oil prices climb but stay below earlier 2014 levels

Crude Falls on Federal Reserve Stimulus Halt, U.S. Supply

PetroChina, the nation’s biggest explorer, posted its lowest profit in eight quarters yesterday, while Cnooc Ltd., which only reports quarterly sales, saw a decline of 4.6 percent.

When energy analysts and the media discuss the price of crude oil, they are typically referring to one of a small group of specific types of crude oil that are widely and actively bought and sold. The use of such benchmark crudes makes it easier for buyers and sellers to price the variety of crudes that are produced around the world.

Light, Sweet Crude for December Delivery Rose 42 cents, to $81.42 a Barrel