The decline in crude oil prices is due to persistent concerns about global demand, particularly with ongoing economic weakness in China, a major importer of Canadian oil. Additionally, concerns persist about oversupply despite efforts by OPEC+ members to reduce production.

The Federal Open Market Committee (FOMC) will begin its monetary policy meeting on Tuesday, with expectations of maintaining the current interest rates and possible discussions regarding future interest rates.

Furthermore, there will be a report on the Consumer Price Index (CPI) for the United States in November on Tuesday, which could serve as a policy determinant in the future. In Canada, Bank of Canada Governor Tiff Macklem is set to deliver a statement on Friday, with investors closely watching for in-depth economic trends and monetary policies in Canada.