Crude oil continues its fall, dropping below US$27 a barrel, while gold soars

TORONTO -- The Canadian dollar and Toronto Stock Exchange continued to retreat today as the price of oil traded below US$27 a barrel.

See Full Article

Canada's oil-sensitive loonie was down 0.22 of a cent at 71.55 cents US at 11 a.m. ET and the S&P/TSX composite index was down 136.11 points or 1.1 per cent at 12,049.61.

The benchmark oil futures contract for March was at US$26.39, down 71 cents, and had been as low as $26.22 earlier in the day.

In contrast, the April gold contract rose $43.10 to US$1,237.70 a troy ounce as investors sought a safe haven from lower equity and oil prices.

In New York, the Dow Jones industrial average was down 294.46 points or 1.8 per cent at 15,620.28, the broader S&P 500 composite index declined 28.25 points to 1,823.61 and the Nasdaq composite lost 47.70 points to 4,235.89.

Elsewhere in commodities, March copper was down half a cent at US$2.02 a pound and the March contract for natural gas was up 1.4 cents at US$2.06.



Advertisements

Latest Economic News

  • Canada pushing for inclusion of strong labour standards in NAFTA

    Economic CTV News
    OTTAWA - Canada is pushing for the inclusion of enforceable, progressive labour standards in a rewritten North American Free Trade Agreement, aimed at compelling Mexico to pay workers higher wages and do away with so-called "yellow" unions that represent employers rather than employees. Source
  • Federal government should scale back spending on water, sewage systems: report

    Economic CTV News
    OTTAWA - A new report from a bipartisan think-tank says the federal government should scale back its spending on water and sewage systems in Canadian cities for each community's financial good. The Ecofiscal Commission report being released today makes the case that the fees homeowners pay for the water running through their taps and down their drains don't cover the full cost of service, leading to gaps in funding that upper levels of government have been trying to fill for years. Source
  • Asian stocks little changed after Wall Street tumble

    Economic CTV News
    BEIJING - Asian stocks were little changed Tuesday as investors watched U.S.-North Korean tensions after a decline in tech shares dragged down Wall Street. KEEPING SCORE: Tokyo's Nikkei 225 lost 0.1 per cent to 20,377.29 points while the Shanghai Composite Index was unchanged at 3,340.53. Source
  • China's richest man Jack Ma says he has 'great chemistry' with Trudeau

    Economic CTV News
    Alibaba founder and China’s richest man Jack Ma says he and Prime Minister Justin Trudeau have now met five times and have “great chemistry.” “See, the PM this morning talked about cutting the red tapes and improving the business environment,” Ma told BNN’s Jon Erlichman Monday after their latest meeting in Toronto. Source
  • Ottawa begins public consultations on dealing with corporate wrongdoing

    Economic CTV News
    MONTREAL -- The federal government kicked off nearly two months of public consultations Monday on revising efforts to address corporate wrongdoing, including the possible introduction of a deferred prosecution agreement regime. Engineering and construction firm SNC-Lavalin (TSX:SNC) has led the charge for deferred prosecution agreements (DPA) found in other countries as a way to resolve criminal fraud charges it faces. Source
  • South Dakotans oppose Canadian company's gold search

    Economic CTV News
    ROCHFORD, S.D. -- Some private landowners are opposing a Canadian company's search for gold in a remote area of South Dakota's Black Hills National Forest. Mineral Mountain Resources has submitted an operating plan to the forest for more than 20 drilling sites on federal land a couple miles south of Rochford. Source
  • Alberta creates advisory team to assist cities bidding for second Amazon HQ

    Economic CTV News
    CALGARY -- The Alberta government is stepping in to help Edmonton and Calgary bid for retail giant Amazon's second headquarters. Premier Rachel Notley says the team will assist the cities to make the best bids while selling the assets the province has to offer. Source
  • Satya Nadella aims to make Microsoft mighty — and mindful

    Economic CTV News
    Satya Nadella, the Microsoft CEO who kept the company relevant as its primary PC software business faded, could write a book about the challenges he faced. And he has ... but it's not a tell-all memoir. Source
  • Donald Trump on jobs of the future LIVE

    Economic CBC News
    Rohingya Muslims fleeing Myanmar describe military's violence and killings 2:50 Rohingya Muslims fleeing Myanmar describe how they faced violence and killings by the Burmese military, prompting thousands of them to flee to neighboring Bangladesh. Source
  • JetBlue latest U.S. airline to back Bombardier in fight with Boeing

    Economic CTV News
    MONTREAL -- JetBlue is the latest U.S. airline to back Bombardier in its trade dispute with Boeing, ahead of the expected imposition of preliminary export duties on shipments to the United States. The airline has urged the U.S. Source