This afternoon, the TSX Energy Index dropped to its lowest point in 10 years. The previous low, on February 22, 2009 was 174.62.
Today, the index dropped 2.77% to 174.22.
WTI Crude went down 1.93% today to $47.19 while Western Canada Select fell 2.9% to $31.19. Brent Crude dropped 2.47% to sit at $53.20.
Crude oil futures settled at their lowest levels since March 20 today after a steep drop in China’s stock markets spread concerns about the economic health of the world’s biggest energy consumer, amid evidence of a growing crude glut.