​“Santa Rally” stops short of Christmas as oil price drops back

​“Santa Rally” stops short of Christmas as oil price drops back

​“Santa Rally” stops short of Christmas as oil price drops back There was a promising start to the day after last week’s run of gains and it looked like that may continue. Asia and Europe were both in positive territory but the volatile oil price is never far from investors’ thoughts. The cost of a barrel was sent lower again after strong words from Saudi Arabia’s oil minister. First an interview with CNN where Ali al-Naimi said that his country would not cut production ever! Then came news of an interview he gave to the Middle East Economic Survey were he said he’d convince the other members of OPEC that cutting output was not in their interests. The words give clarity to the OPEC strategy; the price doesn’t matter, it’s about market share. Mr al-Naimi also hinted that we may not see $100 a barrel again, or at least for some time. Oil firms and raw-material producers were among 4 sectors to decline on the S&P TSX index while tech firms and healthcare had a stronger day.

The S&P TSX Composite Index closed down 35.88 (0.25 per cent)

The NYSE closed higher

Oil is trending up

Gold is trending down

The loonie is up against the US dollar