Jan 05, 2015
By Andy Johnson
For the first time since 2009, the price of oil was below $50.00 US per barrel Monday. The February crude contract closed at $50.04 U-S per barrel, down $2.65. That in turn sent the stock markets spiraling down. The TSX Composite Index lost more than 360 points Monday, closing at 14,392. The continuing weakness in oil also pushed down the Down Jones in New York. It lost 331 points to close at 17,501. Energy experts say we have still not seen the bottom of the oil price decline which they blame on weak demand and over-production.