CANADA STOCKS- Oil seen dragging Toronto stocks lower

Mon Jan 12, 2009 8:10am EST
 
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TORONTO Jan 12 (Reuters) - Toronto's main stock market index was seen opening lower on Monday, with the influential energy group leading the way, as the price for U.S. crude oil dipped 5 percent on demand worries.

Gold shares could also fall as its price fell 1 percent on weaker oil and a falling U.S. dollar.

The Toronto Stock Exchange's S&P/TSX composite index .GSPTSE closed sharply lower on Friday as employment data from Canada and the United States provided more evidence of a global recession, undercutting oil prices and shaking the resource-heavy TSX. The S&P/TSX composite index finished down 136.40 points, or 1.5 percent at 9,085.18.

Here is some of the news that may affect the market:

OIL FALLS $2 TO BELOW $39 AS DEMAND WEAKENS

Oil CLc1 fell more than $2 to below $39 a barrel on Monday, dragged down by widespread evidence that deepening recession was reducing global energy consumption. [nSYD425287]

GOLD FALLS 1 PCT ON FIRMER DOLLAR, WEAK DEMAND

Gold slipped 1 percent on Monday as oil dropped and the euro extended losses against the dollar, while physical demand was seen softening. [nLC252765]

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