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.

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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.


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