North American oil prices rose by 1.7% to just over $58 per barrel amid political turmoil in Venezuela, which has significant oil reserves similar to those in Canada. Despite this, stock prices for leading Canadian oil companies fell, with the Toronto Stock Exchange’s energy index dropping 3.5% by day’s end. Experts suggest the decline is an overreaction, noting it will take years for Venezuela to rebuild its oil production capacity. Overall, North American markets saw an increase in value on Monday.
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