Close X
Friday, November 29, 2024
ADVT 
National

Dollar Drops, Toronto Stock Exchange Plunges As Oil Plummets To Below US$38 A Barrel

The Canadian Press, 07 Dec, 2015 01:10 PM
    TORONTO — Plunging oil prices dragged down the Toronto stock market by more than 300 points — about 2.4 per cent in mid-afternoon trading — as the Canadian dollar fell to levels not seen in more than a decade.
     
    The price of oil also dropped $2.25 to US$37.85 a barrel, falling to levels not seen since the 2008 financial crisis roiled world markets.
     
    The Organization of Petroleum Exporting Countries said Friday it would maintain current production levels for the next six months even as a worldwide supply glut shows no signs of easing.
     
    Oil has dropped from a high above US$110 in July 2014 as OPEC has pumped up supply while demand from big consumers such as China has sagged.
     
    Canada's oil-sensitive loonie dropped nearly 0.8 of a cent from Friday's close to 74.03 cents U.S. at noon on Monday.
     
     
    The dollar last closed below 74 cents U.S. on June 23, 2004.
     
    The Toronto stock market had fallen by 313.50 points, or 2.36 per cent, as of 2:25 p.m. ET, putting the index on track towards the biggest one-day decline since late September.
     
    The metals and mining sector was the biggest loser on the day, down 7.5 per cent, while the energy subsector was down 5.8 per cent.
     
    New York markets were also down, although they fell by less than the Canadian index
     
    The Dow Jones industrial average was down 118.89 points, or 0.7 per cent, the broader S&P 500 index fell 16.25 points, or 0.8 per cent, and the Nasdaq declined 40.39 points, or 0.8 per cent.
     
     
    The February gold contract fell $5.50 to US$1,080 per troy ounce. The January contract for natural gas was down 8.6 cents at US$2.073 per mmBtu.

    MORE National ARTICLES

    Stephen Andrew, Man Convicted For Harming Sex Trade Workers Now Living In Abbotsford

    Stephen Andrew, Man Convicted For Harming Sex Trade Workers Now Living In Abbotsford
    BESZEDES has offended against individuals involved in the sex trade as well as older men soliciting via the internet.

    Stephen Andrew, Man Convicted For Harming Sex Trade Workers Now Living In Abbotsford

    Women Unhurt After Being Pulled From Burning Shelter By Vancouver Police

    Women Unhurt After Being Pulled From Burning Shelter By Vancouver Police
      Police say the officers lifted the tarps and saw two women sleeping, one of whom was wrapped in a burning blanket.

    Women Unhurt After Being Pulled From Burning Shelter By Vancouver Police

    No winning ticket for $50-million jackpot in Friday's Lotto Max draw

    No winning ticket for $50-million jackpot in Friday's Lotto Max draw
    TORONTO — No one has the winning ticket for the $50-million jackpot in Friday night's Lotto Max draw.

    No winning ticket for $50-million jackpot in Friday's Lotto Max draw

    Liberal Government's Throne Speech Promises To Legalize, Regulate, Restrict Pot

    Liberal Government's Throne Speech Promises To Legalize, Regulate, Restrict Pot
    OTTAWA — It has taken more than 40 years but the government of Canada is finally formally committing to legalizing marijuana.

    Liberal Government's Throne Speech Promises To Legalize, Regulate, Restrict Pot

    Surrey RCMP Investigating After Extensively Injured Man Found On Road Dies

    Surrey RCMP Investigating After Extensively Injured Man Found On Road Dies
     Cops responded to reports of an unresponsive man laying in the middle of King George Boulevard (at 126A Street).

    Surrey RCMP Investigating After Extensively Injured Man Found On Road Dies

    Surrey, B.C., Lawyer David Siebenga Suspended For 30 Days For Filing Contradictory Affidavits

    Surrey, B.C., Lawyer David Siebenga Suspended For 30 Days For Filing Contradictory Affidavits
    The B.C. Law Society has issued a statement saying David Siebenga admitted to two actions of professional misconduct before a hearing panel.

    Surrey, B.C., Lawyer David Siebenga Suspended For 30 Days For Filing Contradictory Affidavits