Loonie, crude futures fall after report predicts oil demand will slow

TORONTO -- The Canadian dollar continues to set fresh 11-year lows as oil trades at levels not seen since the global economy was in the midst of a deep recession.

See Full Article

The loonie was down 0.18 of a cent at 73.18 cents U.S. after the International Energy Agency said Friday that demand for oil will continue to grow next year but more slowly -- by 1.2 million barrels per day, down from 1.8 million bpd this year.

The January crude contract was down 37 cents at US$36.39 a barrel, a level not seen since early 2009.

On equity markets, the Dow Jones futures were down 166.0 points at 17,320.0, the S&P 500 futures declined 17.6 points to 2,023.4 and the Nasdaq lost 40.3 points to 4,598.0.

The S&P/TSX index closed Thursday at 13,016.59, after rising 79 points.

It was the second day of modest gains following a 430-point drop over two days earlier in the week.

On the commodity markets, the February gold contract fell $7.60 to US$1,064.40 an ounce and the January contract for natural gas was down five cents at US$1.97.



Advertisements

Latest Economic News

  • Republican plan would hit Canada less than other countries: U.S. tax authority

    Economic CTV News
    WASHINGTON -- An American tax authority who helped champion a reform now being considered by the U.S. Congress says Canada would not be among the countries hardest hit by the introduction of so-called border adjustments. Source
  • Bracing for looming lumber war, B.C. town cautiously hopeful

    Economic CBC News
    Bracing for uncertainty under the new U.S. administration, British Columbia's lumber producers are hoping diversification will be the key to survival. They already made profound changes to the industry over the past 10 years, moving away from a total reliance on the American market in the wake of a lumber war between Canada and the U.S. Source
  • CMHC to raise mortgage insurance premiums for new homebuyers

    Economic Toronto Sun
    Canada’s federal housing agency is hiking the cost of mortgage loan insurance for homebuyers starting March 17, as part of new regulatory requirements requiring it to hold more capital to offset risks in the country’s red-hot real estate market. Source
  • Canadian energy firms at risk from cyber, bomb attacks: CSIS

    Economic CBC News
    Canada's main spy agency last year warned energy companies about an increasing risk of cyber espionage and attacks on pipelines, oil storage and shipment facilities and power transmission towers using homemade explosives, according to a classified document obtained by Reuters. Source
  • McDonald's Canada warns all products may now come in contact with nuts

    Economic CBC News
    McDonald's Canada has started serving its first product containing peanuts or tree nuts that do not come in an individual package, causing concerns for customers with severe nut allergies. McDonald's says in a statement on its website that its new Skor McFlurry contains chopped almonds in the pieces of chocolate bar used to make the treat. Source
  • Wal-Mart to add about 10,000 jobs in the U.S.

    Economic Toronto Sun
    NEW YORK — Wal-Mart plans to add about 10,000 retail jobs in the U.S. as it opens new stores and expands existing locations. The world’s biggest retailer said Tuesday that there will also be about 24,000 construction jobs as well. Source
  • Canadian oilpatch worried by possible Trump border tax on crude

    Economic CBC News
    Canadian oil industry leaders are trying to get a better idea what the impact of a new import tax in the United States would be on Canada's energy sector if the Trump administration embraces it. The tax would essentially make Canadian oil and gas more expensive for U.S. Source
  • McDonald's Canada warns all menu products may come in contact with nuts

    Economic CTV News
    TORONTO -- McDonald's Canada has started serving its first product containing peanuts or tree nuts that do not come in an individual package, causing concerns for customers with severe nut allergies. McDonald's says in a statement on its website that its new Skor McFlurry contains choppped almonds in the pieces of chocolate bar used to make the treat. Source
  • Air Canada software outage halts check-ins

    Economic CBC News
    Air Canada is experiencing software problems that have halted all computerized checking-in at airports across the country. The outage Tuesday emerged at around 11 a.m. ET and made it impossible to check in or board planes via the airline's check-in system at any airports in Canada. Source
  • Air Canada software outage briefly halts computerized check-ins

    Economic CBC News
    Air Canada is experiencing software problems that have halted all computerized checking-in at airports across the country. The outage Tuesday emerged at around 11 a.m. ET and made it impossible to check in or board planes via the airline's check-in system at any airports in Canada. Source