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Crude oil prices continue slide in wake of IEA report

TORONTO – Oil prices continued their slide following concerns that demand for crude will slow down this year.

The October contract for a barrel of West Texas Intermediate was down 95 cents at US$43.95 in late morning trading.

The International Energy Agency released a report Tuesday saying it expects a more pronounced global economic slowdown will lessen demand for crude.

There was more optimism on the North American stock markets, however.

The S&P/TSX composite index was up 51.60 points to 14,400.70.

In New York, the Dow Jones industrial average was up 39.82 points to 18,106.57, while the Nasdaq gained 32.97 points to 5,188.22. The S&P 500 nudged up by 6.66 points to 2,133.68.

Elsewhere in commodities, October natural gas contracts lost two cents to US$2.89 per mmBtu, December gold was up $3.30 to US$1,327.00 an ounce and December copper was US$2.14 a pound, up four cents.

The Canadian dollar was barely below its settlement price Tuesday, trading at 75.87 cents US, down 0.06 of a cent.

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