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Stocks, Consumer Confidence, Housing Gripped by Crashing Oil Prices

Posted December 10, 2014

Under Economic Issues, International Trade Issues

(Jamie Sturgeon – Global News)

Oil’s collapse is deepening, cutting a wide swath across Canada’s economy in the process.

Outright fear gripped Canadian energy stocks on Monday after an influential analyst report suggested crude prices could fall to as low at $43 a barrel (U.S.), sparking a sell-off of major oil patch firms like Suncor, Imperial Oil and Encana.

The report helped send oil prices to levels not seen since mid-2009 when the Canadian and global economy were mired in recession. International oil prices have now fallen more than 35% since the summer. Read more here.