Sharp drop in global crude oil prices drags down Canadian energy stocks
- Concerns about a tariff-driven recession have caused crude oil prices to plummet, significantly impacting Canadian energy stocks.
- West Texas Intermediate crude dropped to US$60.45 per barrel, later recovering slightly to around US$62, marking a four-year low.
- The energy index on the TSX decreased by 8.5 percent mid-afternoon and closed down 8.7 percent on a day when Canada's overall stock market fell more than four percent.
- Mark Parsons from ATB Financial indicated that sustained low prices may lead oil companies to reduce their spending plans for the year.
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Canadian energy stocks dragged down by steep drop in global crude oil prices
Fears of a tariff-driven recession has led to a steep drop in the price of crude oil, walloping Canadian energy stocks and stoking worry about the sector's outlook should the weakness persist.
·Calgary, Canada
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