Oil price slides to $26 a barrel and stock markets follow crude lower
The price of a barrel of North America's oil benchmark dropped to a new low just above $26 US on Thursday as the world economy can't seem to shake off its gloomy mood.
WTI was off 57 cents to 26.86 US. Earlier, it had dipped as low as $26.19. That's the lowest price on record since 2003.
Oil wasn't the only problem, however. The TSX sold off 126 points to 12,059 within minutes of opening. The Dow Jones in New York fared even worse, down 200 points to 15,712.
Gold, which tends to rally when investors sour on everything else, did well, up $38 to $1233 an ounce — above $1,200 an ounce for the first time in almost a year.
"Gold's status as the ultimate safe haven asset has well and truly been confirmed, yet again," said Fawad Razaqzada, an analyst at Forex.com.
Europe got off to a torrid start, with Britain's FTSE 100 down 2.3 per cent, Germany's DAX 2.4 per cent lower, France's CAC 40 down 2.8 per cent and U.S. futures also pointing to 1 per cent drop for Wall Street later. Sweden's crown and government bond yields were sent tumbling as its central bank delivered a surprise cut to its already deeply negative interest rates.
Oil price slides to $26 a barrel and stock markets follow crude lower - Business - CBC News
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