Nov 28, 2014
By Michael Kramer
Down goes oil.
Prices plummeted today – to the lowest close in over four and a half years.
In New York, the January crude oil contract dropped $7.54 to $66.15 U.s.
Prices have been slipping steadily since mid summer, with an easing of geopolitical concerns.
And a glut of supply has pushed prices down around 33 per cent from highs of the year, largely because of oversupply.
Pressure began to accelerate yesterday after the O-PEC oil cartel decided to keep its daily production unchanged at 30-million barrels.
The dramatic drop in oil has ignited a selloff of energy companies on the Toronto stock market – with the T-S-X energy sector falling about 14 per cent this week.