The falling price of oil continues to dampen the mood at the Toronto Stock Exchange and with Goldman Sachs now forecasting lower prices for longer that feeling could be around for a while. Energy, financial and natural resources were again leading the losses. The outlook for oil is that prices will have to be around $40 a barrel for the first half of this year to force US shale producers to cut production; that’s what OPEC is prepared for.
The S&P TSX Composite Index closed down 119.91 (0.83 per cent)
The NYSE closed lower
Oil is trending lower
Gold is trending higher
The loonie is up against the US dollar ($0.8358 at close)