In overnight trading the WTI futures dropped below $70/bbl on heavy volume.

http://www.crbtrader.com/data/default.asp?page=chart&sym=CLM10&domain=crb&studies=VOLI;&a=W

It is all related to the strength of the $US which is the only World Currency which can be trusted at this point.

Remember, the last 2 years of history of OIL prices had nothing to do with the demand/supply situation. $150 OIL was the result of the short $US /long commodity play.

BIG market players found another money making machine plays including long $US/ short $Euro. This is effecting the commodity prices and we can see the OIL dropping to more normal levels considering enormous excess of supply on the market.

IF the futures market will not revers it`s course tonight the stock markets indexes will open sharply lower on Monday morning.

Brian,

Do not count too much on $CND. Canadians are in as much debt as you are, with on way out for the foreseeable future. In addition our taxes are much higher then yours.

The only positive for us Canadian is that "thanks" to our previous Liberal Financial Minister (Paul Martin) our banks were heavy regulated and could not engaged speculative practices as much as the US and European banks did. As a result we did not have the market crises situation like you did.

Never the less our $10 billion dollar surplus reversed last year to $50 billion deficit.