Stocks Sell Off In Toronto, New York As Crude Prices Tumble
A sharpened drop Tuesday in the price of oil after a forecast for weaker global requisition is weighing heavily on benchmark North American stock indices, with disappointments of more than 200 points. The October fates contract for light sweet unrefined fell $1.39 to close at $44.90 US per barrel on the New York Marketing Exchange.
Crude oil prices fell after the International Energy Intervention cut its forecast for global demand growth for this year.
The Paris-based IED lessened its forecast for worldwide demand growth to 1.3 million barrels a day in 2016, 100,000 beneath the past estimate. The group likewise said it foresees a further slowdown one year from now, down to 1.2 million barrels a day. With oil down sharply, the S&P/TSX Composite Index shed 248.04 points to slide to 14,349.10.
On Wall High road, the Dow Jones industrial average was down 208 at 18,116.
The Dow Jones mechanical normal fell 258 focuses, or 1.4 for each penny, to 18,066, with Apple the main Dow part to complete higher. The Standard & Poor’s 500 factor declined 25 points to 2,132 points, while the Nasdaq composite eliminated 53 points to reach 5,158.
With the price of oil lower, the Canadian dollar, which is closely interdependence coupled to the movements of crude, lost 0.69 of a cent to reach 75.94 cents US.