TSX Plunges 70 Points to 27-Month Low as Oil Dips to Near 2004 Levels
Oil prices tumbled 4% on Monday, coming close to an 11-year low, on fears that the global oil glut would worsen in the months to come. Crude oil dipped below US$35 a bbl this morning, but is now trading at US$35.29. Oil giant Encana cut its dividend by 79%, and slashed 2016 capex to between $1.5 -$1.7 billion.
As expected, energy is the biggest decliner this morning, shedding 1.7%, followed by miners, down 1.3%.
Healthcare and telecom are posting the biggest gains, up 0.77% and 0.72%, respectively.
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