Dec 08, 2014

By Bob Komsic

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It was the biggest single day drop for the Toronto market since April, 2013.

The TSX composite index lost 330 points.

Energy stocks were down over 6% after falling 5% last week.

The reason continues to be oil, which retreated in the wake of data showing China’s exports rose by a weaker than expected 4.7% last month.

Imports were forecast to go up a little.

Oil’s off almost 40% since mid-summer, with the drop intensifying since last week, when the Organization of Petroleum Exporting Countries decided to keep production levels where they are.

Meanwhile, a report by major American bank Morgan Stanley says things will get worse before they get better for oil markets.

One analyst predicting the global crude benchmark could drop as low as $43 a barrel before prices begin to recover.

Adam Longson thinks next year oil prices will be around $70, down nearly 29% from previous estimates.

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