WTI crude down 10 cents to $35.51
Oil closed the lowest level since the financial crisis on Friday and hasn't gotten any support at the open. The best news for bulls came on the weekend as China revealed stronger industrial production.
However, good news has been repeatedly brushed aside in the oil market in six consecutive sessions of declines.
The Canadian dollar staged a modest bounce in early trading but that's faded. The US dollar retreated 40 pips against CAD in the early going but has now completely recovered and is trading at 1.3750.
At the moment, the Canadian dollar, oil and junk bonds are all at the bottom of the market cesspool and with little hope of floating higher.
Canadian oil company junk bonds anyone?