The OPEC cartel’s decision to not cut production of oil from the current 30 million barrels a day has had a predictable effect on Canadian energy stocks and the wider TSX. The sector had its biggest decline in 3 years, dragging the overall index down with it. Energy stocks have dropped 8.7 per cent so far this week. Raw materials also had another day of losses and gold fell to its lowest level this week. On a more positive note, the industrials sector fared better and Air Canada and WestJet both had particularly good days.
The S&P TSX Composite Index fell 147.41 points (0.98 per cent)
The NYSE was closed today for Thanksgiving.
Oil is trending down.
Gold is trending down.
The loonie is up against the US dollar after sharp falls earlier.