Canada's benchmark stock index and currency were both lower on Tuesday as oil dipped back below $30 per barrel as hopes of a production cut were further dashed.
A barrel of oil was changing hands down $1.57 at $30.05 on Tuesday morning, having earlier dipped below $30. On Monday, oil lost almost six per cent and was trading near $34 when the week started.
The sell-off in crude was sparked by numbers from Russia showing the country continues to pump out more oil, even as it tries to convince OPEC to cut production. Russia produced 10.88 million barrels per day of oil in January, up from 10.83 million in December, data from the country's energy ministry showed on Tuesday.
Oil's weakness spread to the loonie, which shed two thirds of a cent to 71.12. cents US. And the TSX was also waylaid by oil's weakness, losing more than 240 points to 12,433 at midmorning.
In New York, the Dow Jones industrial average lost 227 points, or 1.4 per cent, to 16,221. The Standard & Poor's 500 index lost 23 points, or 1.2 per cent, to 1,916 and the Nasdaq composite fell 42 points, or 0.9 per cent, to 4,577.
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