Oil prices: The S P/TSX composite index dropped 177.74 points to 14,744.70 on top of a 116-point slide Thursday after the oil cartel opted to leave its daily output unchanged at 30 million barrels a day, rejecting intense lobbying by some of its 12 members to cut production to put a floor under prices, according to The Toronto Star, Canada. Oil prices now are down about 35 per cent from mid-summer highs because of a higher U.S. dollar, lower demand and most particularly, a glut of global supply and The Toronto stock market extended its losses Friday as energy stocks continued to sell off in the wake of a collapse in oil prices while miners and copper prices fell heavily on Chinese economic concerns. American markets had been closed for U.S. Thanksgiving on Thursday. But on Friday, the January crude contract on the New York Mercantile Exchange plunged $7.54 from Wednesdays closing price to a five-year low of $66.15 U.S. a barrel and sending the TSX energy sector down 2.25 per cent.
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