Close X
Thursday, November 14, 2024
ADVT 
National

Energy stocks punished on Toronto market as oil prices continue to plunge

Darpan News Desk The Canadian Press, 08 Dec, 2014 10:47 AM
  • Energy stocks punished on Toronto market as oil prices continue to plunge

CALGARY — Energy stocks were down nearly six per cent on the Toronto Stock Exchange as oil prices continued to plunge following last week's five per cent slide.

Crude oil for January delivery was down nearly four per cent at $63.37 at around midday on the New York Mercantile Exchange.

Oil is off nearly 40 per cent since mid-summer, with the drop intensifying since last week, when the Organization of Petroleum Exporting Countries decided to maintain its production levels.

Meanwhile, a report by major U.S. bank Morgan Stanley says it will likely get worse before it gets better for oil markets.

Analyst Adam Longson predicts the global crude benchmark, Brent, could drop as low as US$43 a barrel in his most bearish scenario during the second quarter of next year, before prices start to recover.

For all of next year, Longson predicts oil prices will be around US$70, down nearly 29 per cent from previous estimates.

MORE National ARTICLES

Woman shot in 1989 Montreal Massacre remembers confronting killer

Woman shot in 1989 Montreal Massacre remembers confronting killer
MONTREAL — Nathalie Provost will never forget confronting gunman Marc Lepine just before he shot her four times during an armed assault that left 14 women dead at Montreal's Ecole polytechnique.

Woman shot in 1989 Montreal Massacre remembers confronting killer

Canada loses 10,700 jobs in November, jobless rate up slightly to 6.6 per cent

Canada loses 10,700 jobs in November, jobless rate up slightly to 6.6 per cent
OTTAWA — The overall drop in Canada's job market last month was so small it fell within the survey's rounding error, but experts remained optimistic Friday about the country's labour prospects for the future.

Canada loses 10,700 jobs in November, jobless rate up slightly to 6.6 per cent

Northern B.C. First Nations to pursue part ownership of LNG, mining projects

Northern B.C. First Nations to pursue part ownership of LNG, mining projects
A group of B.C. First Nations has joined forces in hopes of taking the reins on natural gas and mining projects in the province's resource-rich north.

Northern B.C. First Nations to pursue part ownership of LNG, mining projects

Canadian Officials Hope Avian Flu Outbreak Contained To 4 Farms; 35,000 Birds To Be Euthanized

Canadian Officials Hope Avian Flu Outbreak Contained To 4 Farms; 35,000 Birds To Be Euthanized
Canadian officials hope an avian flu outbreak has been contained to four quarantined poultry farms in British Columbia.

Canadian Officials Hope Avian Flu Outbreak Contained To 4 Farms; 35,000 Birds To Be Euthanized

Veterans deserve special constitutional rights like aboriginals, lawyer argues

Veterans deserve special constitutional rights like aboriginals, lawyer argues
VANCOUVER — A lawyer representing six soldiers disabled while fighting for Canada in Afghanistan says veterans deserve special treatment under the constitution in the same way aboriginals are given unique rights.

Veterans deserve special constitutional rights like aboriginals, lawyer argues

PETA plans billboard pitch based on corpse kept in Hamilton home for 6 months

PETA plans billboard pitch based on corpse kept in Hamilton home for 6 months
HAMILTON — An animal rights group known for some controversial ad campaigns is proposing a new billboard in Hamilton based on the case of a woman who kept her husband's corpse in a bedroom for six months.

PETA plans billboard pitch based on corpse kept in Hamilton home for 6 months