OIL DROPS AGAIN AND TAKES MARKETS AND LOONIE WITH IT

Dec 11, 2015

By Michael Kramer

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Oil slipped again and that sent North American equity markets into retreat mode – in a selling spree that also took the commodity-sensitive Canadian dollar below 73 cents for the first time since mid-2004.

The Toronto S+P/TSX composite index lost 1.7 per cent of its value.

That saw the market close with a drop of  226.64 points – to 12,789.95.

The Canadian dollar was down another 0.59 of a cent – at 72.77 cents U-S.

In New York, the Dow Jones average plunged 309.54 points to 17,265.21 – and the Nasdaq dropped 111.70 points.

Oil fell below US$36 a barrel in the wake of a report by the International Energy Agency that said the global oversupply of crude would continue until late next year.

The January contract for benchmark U-S crude was down $1.14 –  at US$35.62 a barrel.

And gold  rose $3.70 to US$1,075.70 an ounce.

 

 

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