​Markets plunge again on poor outlook for oil

​Markets plunge again on poor outlook for oil

​Markets plunge again on poor outlook for oil The International Energy Agency revised its outlook for oil this morning and the markets didn’t like it. The IEA predicts oversupply to intensify as demand falls and non-OPEC countries show healthy production. It suggests that demand for OPEC supplies will be 1 million barrels a day lower than current output. The news hit energy shares again but most sectors were punished with the S&P TSX index for the year now just 1.1 per cent above 2013.

The S&P TSX Composite Index closed down 173.22 (1.25 per cent)

The NYSE closed lower

Oil is trending lower

Gold is trending higher

The loonie is up against the US dollar