Oil Prices: Canadian Market

oil prices: Canada's market dropped because of lower oil prices, despite post-U.S. midterm election gains yesterday, according to The Toronto Star. Aaron Vincent Elkaim / THE CANADIAN PRESS What's weighing particularly on the Canadian market is the fact that we're seeing oil entering a bear market, down now 21 per cent since the high on Oct. 3, on concerns that the market will be oversupplied and rising U.S. inventories, he said. Markets on both sides of the border were softer after a very strong day following the U.S. midterms, said Jayson Moss, research analyst at Franklin Bissett Investment Management. The December crude contract was down for a ninth straight session, falling by 1 U.S. at 60.67 U.S. per barrel. The S&P/TSX composite index closed down 11.96 points to 15,357.47 after hitting a low of 15,293.29 on 414 million shares traded. That's the lowest level since March 8. (news.financializer.com). As reported in the news.