OIL DROPS AGAIN AND TAKES MARKETS AND LOONIE WITH IT

Dec 11, 2015

By Michael Kramer

Share on

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.

 

 

Advertise With Us

To learn about advertising opportunities with Zoomer Radio use the link below:

Join Our Fan Club
Coverage Area
Downtown Toronto
96.7FM
Toronto HD
96.3 HD-2
Kingston to Windsor, Parry Sound to Pittsburgh
AM740
ZoomerRadio Logo

Recently Played: