Oil Futures Close Down 0.7% on Euro, Demand Worries; TSX Energy Sector Off 2.4%

By Midnight Trader,  June 25, 2012, 02:51:36 PM EDT

Crude oil for July delivery on the New York Mercantile Exchange closed down 55 cents, or 0.7%, at $79.21 a barrel, undermined by a stronger U.S. dollar, declining equity values, and worries that oil demand will wane amid the global economic slowdown.

The European summit set for later this week is providing little optimism that the euro debt crisis will subside anytime soon.

The energy sector on the TSX, meanwhile, is currently down 2.4%. Suncor Energy (SU.TO, SU) is down 1.8%, Canadian Natural Resources (CNQ.TO) is down 1.4%, and Encana (ECA.TO, ECA) is down 4.1% at $19.52. Encana shares are being further hurt today by a Reuters report that alleged it worked with U.S. competitor Chesapeake Energy in anti-competitive practices.




The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of The NASDAQ OMX Group, Inc.


This article appears in: Investing, Commodities

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