By now it’s an all-too-familiar scenario; the oil price declines, energy shares suffer and drag the Toronto Stock Exchange lower. Oil prices have been hit by US refinery strikes and fears of oversupply and sentiment is lower generally on fears that the economy as a whole will suffer from the price of crude. There was a slight recovery though in the last few hours of trading as the Nigerian oil minister said that there are discussions about an emergency meeting of OPEC. The Greek debt issue continues to weigh on world markets which started off optimistic of finding out what Greece’s proposals might be but ended with a missed deadline. We should know more tomorrow!
The S&P/TSX Composite Index closed up 28.02 (0.18 per cent)
The NYSE closed lower (Nasdaq up)
Oil is trending lower (Brent U$58.87, WTI U$49.33 at 4.30pm)
Gold is trending higher
The loonie is valued at U$0.79515 (4.30pm)