TSX Takes Losses In Last Two Days To Around 250 Pts
Canada's main stock market today added another 150-plus points in losses to the near 100 points lost yesterday as the release Friday of less than encouraging jobs data in Canada and the United States followed Thursday's rates moves in Europe, Britain and China that were seen as efforts to plug gaps rather than open doors for economic growth.
Crude oil for August delivery closed down $2.77, or 3.2% at US$84.45 a barrel, as the weaker-than-expected U.S. payrolls report spurred speculation that demand for the commodity isn't going to pick up anytime soon. Week over week, crude prices barely budged. Natural gas did even worse today, settling down 17 cents, or 5.7%, at $2.78 per million British thermal units.
Crude was also pressured by a stronger US dollar and growing expectations that the Norwegian government will soon act to force the country's striking oil workers back to the job. The strike, which began June 24, has slowed crude exports from the key producing region. The government is starting to take a proactive approach in the dispute after employers threatened a lockout on Thursday.
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