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