The Financial Post report in its Saturday, Nov. 10, edition that crude oil prices lost ground for a 10th straight day to dip to a near nine-month low. A Canadian Press dispatch to the Post reports that West Texas Intermediate lost 1.2 per cent or 72 U.S. cents to reach $59.95 (U.S.) in early afternoon trading. Since its peak last month, WTI is down about 22 per cent. A glut of oil production is the main cause of the declines in prices of WTI and Brent crude. The United States has taken the crown as the world's leading oil producer after output increased by two million barrels per day over the last year to reach 11.6 million bpd, the swiftest annual rise on record. At the same time, OPEC is overproducing and sanctions have been watered down against Iran as the U.S. granted waivers on the sanctions to eight countries over concerns that a complete end of Iranian imports would cause economic disruptions.