For the first time in nearly two months, crude oil prices have fallen below US$100 a barrel, reflecting investors' growing concerns about a U.S. recession that could crimp demand for oil.
The price of West Texas Intermediate crude tumbled by almost 10% Tuesday, falling below $98 per barrel. Brent crude oil was down by more than 10%, to below $102 per barrel.
It's the first time that WTI has been below $100 since May 11. That was also the last time Brent, which typically trades a bit higher, was below $102 a barrel. Brent got as a low as $101.10 a barrel in afternoon trading Tuesday before regaining some of that decline. But it was still below the $102 mark, down from Monday's close of $113.50 a barrel. Brent has not been below $100 since April 25.
Wholesale gas futures fell as well, and were down 35 cents a gallon in midday trading, or 9% for the day.
The national average cost of a gallon of gas at the pump is now $4.80, according to the latest AAA reading, down one penny from Monday and 8 cents from a week ago. Gas prices hit a peak of $5.02 a gallon on June 14.
The rising fears about the chances of a recession is the primary driver of the latest sell-off in oil and gasoline futures, said Tom Kloza, global head of energy analysis for OPIS.
Until fairly recently, oil and gasoline investors had believed that there was little in the way of market forces to keep prices in check in the near term. "There is now a perceived huge downward risk tied to recession risk," he said.
The 2024 federal budget released last week includes numerous big spending promises that have garnered headlines. But, tucked into the 416-page document are also series of smaller items, such as promising to amend the law regarding infant formula and to force banks to label government rebates, that you may have missed.
'How much plastic will you have for dinner, sir? And you, ma'am?' While that may seem like a line from a satirical skit on Saturday Night Live, research is showing it's much too close to reality.
Joey Jackson, a criminal defence attorney and a legal analyst for CNN, outlines what he thinks about the criminal case against Donald Trump in the 'hush money trial.'
A home in B.C.'s Okanagan that features a weathering steel shell designed to provide some protection against wildfires has been listed for sale at $3.8 million.
An alligator attacked a diver on April 15 as he surfaced from his dive, nearly out of air. His tank emptied with the gator's jaws crushing the arm he put up in defence.
A Peruvian psychologist who suffered from an incurable disease that weakened her muscles and had her confined to her bed for several years, died by euthanasia, her lawyer said Monday, becoming the first person in the country to obtain the right to die with medical assistance.
The giant stone statues guarding the Lions Gate Bridge have been dressed in custom Vancouver Canucks jerseys as the NHL playoffs get underway.
A leading fashion designer whose accessories were used by celebrities from Britney Spears to the cast of the 'Sex and the City' TV series was sentenced Monday to 18 months in prison after pleading guilty in Miami federal court on charges of smuggling crocodile handbags from her native Colombia.
An evacuation order was issued on Monday afternoon for homes in the area of Cold Lake First Nation.
People in Manitoba could soon be able to grow recreational cannabis in their homes.
An evacuation order was issued on Monday afternoon for homes in the area of Cold Lake First Nation.
A Toronto cop who was driving to a break-and-enter call last year when he crashed into a civilian vehicle and seriously injured two people has been cleared by the province’s police watchdog, but concerns are being raised about the speed at which they were travelling on the way to the scene.
Three children and a driver were taken to hospital after a school bus and a truck collided on Route 400 in Russell, Ont.
Authorities on both sides of the Canada-U.S. border resumed search efforts Monday to find two men who went missing while kayaking off Vancouver Island over the weekend.
Susanne Langan first noticed the Burgess Creek wildfire from her home in British Columbia's Cariboo region on Saturday afternoon as a distant, thin column of smoke.
An Indian national has been sentenced in the United States to five years in prison in connection with a dark web drug enterprise that stretched as far as Canada, an American Department of Justice release says.
A Peruvian psychologist who suffered from an incurable disease that weakened her muscles and had her confined to her bed for several years, died by euthanasia, her lawyer said Monday, becoming the first person in the country to obtain the right to die with medical assistance.
Texas Attorney General Ken Paxton is dropping a request for a Seattle hospital to hand over records regarding gender-affirming treatment potentially given to children from Texas as part of a lawsuit settlement announced Monday.
British Prime Minister Rishi Sunak 's latest effort to send some migrants to Rwanda finally won approval from Parliament early Tuesday, hours after he pledged deportation flights would begin in July.
Jury selection began Monday in the trial of a suburban Seattle police officer charged with murder in the death of a 26-year-old man outside a convenience store in 2019 — the third person the officer had killed in the past eight years.
An Arizona judge declares a mistrial Monday in the case of a rancher accused of fatally shooting a Mexican man on his property near the U.S.-Mexico border.
The 2024 federal budget released last week includes numerous big spending promises that have garnered headlines. But, tucked into the 416-page document are also series of smaller items, such as promising to amend the law regarding infant formula and to force banks to label government rebates, that you may have missed.
NDP Leader Jagmeet Singh is raising eyebrows anew over his carbon pricing stance, refusing to say today whether or not he would keep scheduled increases in place if he becomes prime minister.
Canada is seeking to get a better handle on how much plastic is being produced in the country by forcing companies that make it to report annually on what they produce.
The Manitoba government is funding mental health support for first responders, following the recent death of a Winnipeg firefighter.
First Nations patients are more likely to leave Alberta emergency departments before receiving care than other patients, and anti-Indigenous racism is a significant reason why, a new study says.
Whether you’re shedding pounds with the help of effective new medicines, slimming down after weight loss surgery or cutting calories and adding exercise, there will come a day when the numbers on the scale stop going down, and you hit the dreaded weight loss plateau.
Quebec's Health Department says it has received 28 reports of eye damage related to the April 8 total solar eclipse that passed over southern parts of the province.
For the first time in five months, NASA engineers have received decipherable data from Voyager 1 after crafting a creative solution to fix a communication problem aboard humanity’s most distant spacecraft in the cosmos.
Biologists, cognitive scientists and philosophers across the globe say there is a reasonable possibility the vast majority of creatures on Earth are sentient in some way.
Taylor Swift's latest album, 'The Tortured Poets Department,' which dropped on Friday, became the most-streamed album on its first day across Spotify, Amazon Music, and Apple Music.
Victoria Beckham, the fashion designer once known best as Posh Spice, celebrated her 50th birthday this weekend in London, where she was joined by her former Spice Girls bandmates.
North Korean animators may have helped create popular television cartoons for big Western firms, including Amazon and HBO Max, despite international sanctions on North Korea, a research report has found.
Federal Labour Minister Seamus O'Regan says he has appointed an Industrial Inquiry Commission to dig deeper into the underlying causes of B.C.'s port strike last summer.
The U.S. Federal Trade Commission on Monday sued to block Coach parent Tapestry's US$8.5 billion deal to buy Michael Kors owner Capri, saying it would eliminate 'direct head-to-head competition' between the flagship brands of the two luxury handbag makers.
The gap between the highest earners and lowest income groups last year was at its widest since 2015 as the wealthiest households saw income grow much faster than lower-income Canadians.
A home in B.C.'s Okanagan that features a weathering steel shell designed to provide some protection against wildfires has been listed for sale at $3.8 million.
When Kema Ward-Hopper and her then-fiance Nicholas Hopper, both from the U.S., decided to get married in Costa Rica, they had no idea that they’d end up relocating there a few years later.
If you’re looking for something to sweeten your dinner table this Passover, Jewish dietitian and chef Micah Siva has a few ideas for you.
The giant stone statues guarding the Lions Gate Bridge have been dressed in custom Vancouver Canucks jerseys as the NHL playoffs get underway.
Connor Hellebuyck made sure he did one important thing while winding down Sunday after the Winnipeg Jets beat the Colorado Avalanche 7-6 in Game 1 of their first-round playoff series. The favourite to win this season's Vezina Trophy as the NHL's top goalie made sure his recovery included replenishing his fluids.
A local Oilers fan is hoping to see his team cut through the postseason, so he can cut his hair.
Ford recalled more than 55,000 trucks and SUVs over a battery detection issue, according to a Transport Canada recall notice.
Honda Canada is set to build an electric vehicle battery plant near its auto manufacturing facility in Alliston, Ont., where it also plans to produce fully electric vehicles.
Gas prices are once again on the move in B.C.’s Lower Mainland but this time in the other direction.
A local Oilers fan is hoping to see his team cut through the postseason, so he can cut his hair.
A family from Laval, Que. is looking for answers... and their father's body. He died on vacation in Cuba and authorities sent someone else's body back to Canada.
A former educational assistant is calling attention to the rising violence in Alberta's classrooms.
The federal government says its plan to increase taxes on capital gains is aimed at wealthy Canadians to achieve “tax fairness.”
At 6'8" and 350 pounds, there is nothing typical about UBC offensive lineman Giovanni Manu, who was born in Tonga and went to high school in Pitt Meadows.
Kevin the cat has been reunited with his family after enduring a harrowing three-day ordeal while lost at Toronto Pearson International Airport earlier this week.
Molly Knight, a Grade 4 student in Nova Scotia, noticed her school library did not have many books on female athletes, so she started her own book drive in hopes of changing that.
Almost 7,000 bars of pure gold were stolen from Pearson International Airport exactly one year ago during an elaborate heist, but so far only a tiny fraction of that stolen loot has been found.
When Les Robertson was walking home from the gym in North Vancouver's Lower Lonsdale neighbourhood three weeks ago, he did a double take. Standing near a burrow it had dug in a vacant lot near East 1st Street and St. Georges Avenue was a yellow-bellied marmot.
As the wildfire season ramps up and a pair of evacuation alerts are now in place, one of British Columbia’s top fire officials is making a personal appeal to the public to take some simple steps that could safeguard their homes.
The giant stone statues guarding the Lions Gate Bridge have been dressed in custom Vancouver Canucks jerseys as the NHL playoffs get underway.
Backlash to decriminalization dominated question period Monday in the B.C. legislature, with the Official Opposition BC United and BC Conservatives calling for the province to end the three-year pilot project.
Auston Matthews scored the winner in the third period and added two assists as the Toronto Maple Leafs topped the Boston Bruins 3-2 on Monday to even their first-round playoff series 1-1.
Toronto’s police chief has ordered a “full internal review of all aspects of plainclothes policing” following an acquittal in the first-degree murder trial of Umar Zameer.
At least some of the gold bars stolen during the heist at Pearson Airport one year ago was likely melted down in the basement of a Toronto area jewelry store, Peel police tell CP24.com.
Monday, a judge ruled a proposed class-action lawsuit can go forward despite efforts from lawyers representing the archdiocese of Edmonton and a religious order to have it struck down.
Calgary police have released a photo of a man wanted after a deadly shooting in the community of Shawnessy last month.
The largest public hearing in the city’s history is set to get underway Monday morning.
Three children and a driver were taken to hospital after a school bus and a truck collided on Route 400 in Russell, Ont.
The Ottawa Police Service is investigating comments made at a pro-Palestinian rally on Saturday that have received condemnation by federal leaders, including Prime Minister Justin Trudeau.
Kevin Willington, 53, of Ottawa has been identified as the victim of a shooting at a home on Birch Avenue on Friday night. Ottawa police said officers responded to a call for a shooting, and the victim died from his injuries at the scene.
A police officer was injured Monday in one of three incidents of drivers crashing their vehicles into a patrol car, Montreal police said.
Quebec's Health Department says it has received 28 reports of eye damage related to the April 8 total solar eclipse that passed over southern parts of the province.
Most Montreal merchants greet their customers in French only, but that could soon change as "bonjour, hi" becomes more popular.
A historical hangar at the former Edmonton municipal airport beside the NAIT main campus was on fire Monday night.
An evacuation order was issued on Monday afternoon for homes in the area of Cold Lake First Nation.
The Alberta government is changing existing legislation to lower utility bills in Calgary.
A male youth is dead after an incident near the Halifax Shopping Centre on Monday.
Three people are in hospital with serious injuries after a two-vehicle crash in New Germany, N.S., on Sunday.
Pictures of a poster encouraging people to steal from Loblaw Companies Limited next month on a specific date have been circulating online.
Homeowners in a Manitoba community are cleaning up after being impacted by a natural phenomenon last week.
Marion Street Eatery is set to close its doors for good after over a decade serving up steaming plates of eggs benedict, grilled cheese and brisket hash.
People in Manitoba could soon be able to grow recreational cannabis in their homes.
Members of the Sask. Party claim a recent trip by the leader of the opposition reveals her party's secret support for the federal carbon tax.
The Saskatchewan NDP are calling for the resignation or firing of Education Minister Jeremy Cockrill, saying he lied about apologizing for comments he made to a mother whose daughter died.
Canada’s Governor General made her first official visit to Saskatchewan Monday.
A Kitchener man who forgot his laptop on a bus in January says he’s now being asked to pay $750 to get it back from whoever has the device.
Brantford police say one person remains in critical condition after a shooting in Brantford Sunday night.
Andrew Mackay from Guelph says he was left stranded in Florida last year after his flight with Flair Airlines was cancelled without his knowledge.
A Saskatoon mortgage broker says the federal government’s move to help Muslim Canadians get into the housing market by promoting halal mortgages is not such a radical idea — it’s helping families buy their first home without breaking their faith.
A driver caught using vice grips in place of a steering wheel was ticketed Wednesday after being stopped by police on a rural road.
The Saskatchewan Rush are absent from the National Lacrosse League playoffs for a third straight season, a difficult end to an postseason push born out of a rocky start.
It was a sad scene at Tom Davies Square in Sudbury on Monday morning, where a man was being sentenced for a crash that killed a North Bay woman who was driving to her wedding shower.
The investigation into how a train moving through the City of London caught fire has been turned over to the CP Rail police. Just before 11 p.m. on Sunday, London fire received multiple 911 calls about an eastbound train on fire, crossing over Oxford Street.
Police officials in Sudbury say they received a complaint that a youth was approached by an individual asking for sexual favours and exposing himself on a city walking trail.
The investigation into how a train moving through the City of London caught fire has been turned over to the CP Rail police. Just before 11 p.m. on Sunday, London fire received multiple 911 calls about an eastbound train on fire, crossing over Oxford Street.
A pair of city councillors want a feasibility study completed before deciding the location and parameters of a pilot project to provide free bus passes to high school students.
A man charged with stabbing a driver several times pleaded guilty to the incident Monday in a London, Ont. courtroom.
Huntsville OPP charged a driver for going the wrong way on Highway 11 and colliding with a transport vehicle.
The Barrie Police Service Human Trafficking Unit were called after a woman was allegedly assaulted by a man she had met through a texting app.
A destructive fire broke out in a barn on Monday afternoon at Flos Rd 8 in Springwater.
The City of Windsor Parks Department will be working on improvements to a couple of Windsor parks over the next few weeks, including more lights on the riverfront.
City employees are not being compensated fairly and want more flexibility to work from home, according to the head of the union representing more than 1,300 City of Windsor workers.
The City of Windsor is moving into the third phase of its truck route study in an ongoing effort to help modernize and update the truck route network to adapt to changing city requirements.
Mounties searching for a driver who struck and killed a woman on Vancouver Island last week released new details about the suspect vehicle Monday.
Authorities on both sides of the Canada-U.S. border resumed search efforts Monday to find two men who went missing while kayaking off Vancouver Island over the weekend.
The B.C. government says legislation formally recognizing the Haida Nation's Aboriginal title over Haida Gwaii was introduced in the legislature Monday.
Major crime detectives in British Columbia are investigating a suspected homicide after a body was found in a remote area southeast Kelowna over the weekend.
A banana ball python that was stolen from a Kelowna pet store on Saturday has been returned unharmed, Mounties said.
Nurses held a rally Wednesday at a hospital in the B.C. Interior that closed its emergency department more than a dozen times last year due to insufficient staff.
The City of Lethbridge is calling the first year of its curbside organics waste collection program a success.
Coaldale RCMP are looking for the public's help to locate a suspect in a hit-and-run in a McDonald's parking lot earlier this month.
An agreement to protect a sprawling ranch in southern Alberta from development is the largest of its kind in the country, the Nature Conservancy of Canada says, and will allow the family that owns it to continue raising cattle there.
Nearly a hundred people dedicated to saving the Sault Ste. Marie YMCA from closure gathered in front of the facility in a showing of support.
Hundreds of drivers were charged in a recent three-day commercial motor vehicle blitz conducted by the Ontario Provincial Police and Ministry of Transportation.
The United Chiefs and Councils of Manitoulin Anishnaabe Police announced Monday it is creating its first full-time drug enforcement unit on the island.
The Department of Fisheries and Oceans says two people were found dead and four others survived after a boat capsized off the west coast of Newfoundland.
Technology from the 19th century has been brought out of retirement at a Newfoundland gardening store, as staff look for all the help they can get to fill orders during a busy season.
A Celebrity Apex cruise to the Caribbean this month turned into a rocking Newfoundland kitchen party when hundreds of people from Canada's easternmost province happened to be booked on the same ship.
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