Oil prices continued their retreat on Thursday, sliding below $50 US a barrel for the first time this year. In afternoon trading, the price of West Texas Intermediate oil for April delivery was down by $1.34 at $48.94 US barrel. With Thursday's drop, oil was trading at its lowest price since November, before OPEC countries agreed to reduce production in an effort to shore up prices. "The whole commodities complex is a little weaker, but oil particularly so," said Derek Holt of Scotiabank Economics in a commentary. With oil sliding, the Canadian dollar was also down against the U.S. dollar.

Source: CBC News March 09, 2017 17:07 UTC