Oil sinks in choppy session

Allan Tong Posted On October 5, 2023

Crude oil continued its slide on Thursday as WTI sank over 2% to $82.50 a barrel. Despite that, the TSX managed to advance 0.54% as most sectors gained, led by income stocks in utilities, telcos and real estate. In contrast, staples showed mild weakness.

Major movers included TC Energy up 1.46%, Telus 1.94%, Transalta 6.96%, Innergex Renewables 4.67% and Fortuna Silver Mines 4.13%.

In contrast, Wall Street indices spent most of the session in the red, but managed to close slightly negative. The S&P, Nasdaq and Dow each declined a handful of points. Major movers included Coca-Cola at -4.83%, Molson-Coors -6.3%, Newmont 2.6% and CME Group 2.05%. The U.S. 10-year yield continued to decline as it fell back to 4.72%, and Bitcoin sank 1.25% to $27,400. All eyes will be on Friday’s unemployment numbers.

🛢 TC Energy (TRP-T) +1.46%

📱 Telus Corp (T-T) +1.94%

💡 Transalta Corp (TA-T) +6.96%

♻ Innergex Renewable Energy (INE-T) +4.67%

⛏ Fortuna Silver Mines (FVI-T) +4.13%

🥤 Coca-Cola Company (KO-N) -4.83%

🍺 Molson Coors Brewing Company (TAP-N) -6.3%

🥇 Newmont Goldcorp (NGT-T) -2.6%

🏛 CME Group Inc (CME-Q) +2.05%

🅱 Bitcoin (BTCUSD) (CRYPTO:BTC) -1.25%