The TSX fell nearly 3% today after reports of economic slowdown.
The price of oil tumbled to US$78.50 a barrel on Thursday, the lowest level for six months. The move is widely viewed as a sign of deepening trouble in the market as stocks pushed lower on Thursday.
The fall has been attributed to a downgrade of US economic growth expectations. The Federal Reserve lowered its growth forecast by 0.5%. Markets were also reacting to reports of slowdown in the Chinese and the eurozone economies.
With an estimated break-even cost at $60 a barrel, the negative impact on the Alberta oil boom could have long-lasting effects if there is another drop.
Suncor Energy Inc. (TSX:T.SU, Stock Forum)fell 1.95%, Imperial Oil Ltd. (TSX:T.IMO, Stock Forum) fell 2.73% and Niko Resources Ltd. (TSX:T.NKO, Stock Forum) fell a dramatic 8.32%
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