The price of oil declined again Wednesday with West Texas Crude down nearly 5 per cent to its lowest price since early 2009 and Brent down about 4 per cent.
Canadian energy and financial stocks were punished and some analysts believe that energy stocks may be set to fall lower as they lag oil prices.
Wall Street also declined heavily on oil prices but also with the release of the Fed’s monetary policy meeting minutes which suggested that inflation was not growing at the pace necessary for a September interest rate rise.
Asian markets closed lower except for Shanghai, although China’s volatile markets and currency were weighing on its neighbours. European indexes also closed lower on oil, China and the Fed.
The S&P/TSX Composite Index closed down 157.2 (1.11 per cent)
The Dow Jones closed down 162.2 (0.93 per cent)
Oil is trending lower (Brent $46.82, WTI $40.51 at 4.20pm)
Gold is trending higher (1133.60 at 4.20pm)
The loonie is valued at U$0.7634