As oil prices continue to fall investors are once again avoiding risk and heading to the safe havens of gold and government bonds. With oil falling below $50 the benefits of lower fuel costs to some sectors is not enough to curb worries about the state of the global economy. Oil supplies are predicted to grow in February and demand is down, most worryingly in China and Europe. Banks are leading the losses on the TSX along with energy firms but there was a better day for gold producers as demand increases. At the close though, things were turning slightly for oil and gold.
The S&P TSX Composite Index closed down 145.93 (1.01 per cent)
The NYSE closed lower
Oil is trending slightly higher
Gold is trending lower
The loonie is trending higher against the US dollar (but down to around 84.5 cents)
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