Crude oil futures pared declines in CFDs Trading after the U.S. Energy Department said stockpiles gained 2.62 million barrels.
Crude oil for February delivery fell $2.62, or 2.9 percent, to $88.24 a barrel at 11:01 a.m. on the New York Mercantile Exchange. Oil traded at $88.10 before the release of the report at 11 a.m. in Washington.
Canada’s dollar dropped below parity with its U.S. counterpart for the first time in two weeks as most commodities fell amid speculation that China will take more measures to curb growth.
The loonie, as the Canadian currency is nicknamed for the waterfowl on the C$1 coin, slumped for three consecutive days for the first time in a month. The U.S. dollar and the Swiss franc strengthened as equity losses boosted demand for a refuge.
The loonie fell 0.7 percent to C$1.0026 per U.S. dollar at 10:51 a.m. in Toronto, from 99.57 cents per U.S. dollar yesterday. One Canadian dollar buys 99.74 U.S. cents.
Commodities including oil, gold and copper fell after China’s fourth-quarter economic growth of 9.8 percent spurred speculation that the world’s biggest copper consumer may take steps to restrain the economy. Futures touched $88.10 in the biggest decline since Nov. 16. Canada is the largest supplier of crude to the U.S.