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.

U.S. gas prices drifting lower
Washington (UPI) Oct 20, 2015 –

More refineries working at full capacity and plenty of supply on the domestic market means U.S. drivers are paying far less for gas, market analysts said.

AAA reports a national average retail price for a gallon of regular unleaded gasoline at $2.25 per gallon, the lowest it's been since early February. The price at the pump is about 5 cents, or 2.7 percent, less than this time last week and Tuesday's price represents the 11th straight day for declines.

AAA said in its weekly market snapshot heavy fall maintenance at U.S. refineries — which is now subsiding — kept gas prices higher than they would've been, but ample domestic supply put a ceiling on how high they would go.

"This factor has also been a contributing factor to prices moving lower over the past several days," the motor club's report read. "Barring any unanticipated disruptions in supply, and/or spikes in the price of crude oil, the national average could fall below the $2 per gallon threshold for the first time since 2009 before the end of year."

Six states are reporting an average price below $2 per gallon. Closer analysis from retail market watcher GasBuddy.com finds about 25 percent of the retail service stations nation-wide are selling gas below $2 per gallon.

"That number will likely grow in the months ahead as refiners continue to finish maintenance and resume producing gasoline at a time when demand is low, contributing downward pressure to gasoline prices," GasBuddy Senior Petroleum Analyst Patrick DeHaan said in an emailed statement.

More than half of the price at the pump is a reflection of crude oil prices, which have fallen steadily in recent weeks. AAA's analysis finds crude oil prices could shift lower because of weaker demand from a slowing Chinese economy and higher output from Iran, a member of the Organization of Petroleum Exporting Countries.