# TSX, loonie sink as IEA data suggests oil glut will last through 2017 | CBC News

> The Canadian dollar and TSX fell as new IEA data showed the global oil glut would persist through 2017 unless OPEC and other producers significantly cut output. WTI closed down $1.47 at $43.19 a barrel, and the loonie dropped to 73.82 US cents.

- Date: 2016-11-11 · published 2016-11-11T12:00:00.000Z
- Category: report · region Global · magnitude medium
- Page: https://feedsoft.ai/events/74059-tsx-loonie-sink-as-iea-data-suggests-oil-glut-will-last-through-2017-cbc-news
- Commodities: [Crude Oil (WTI)](https://feedsoft.ai/c/WTI.md), [Crude Oil (Brent)](https://feedsoft.ai/c/BRENT.md), [Canadian Dollar (CAD per USD)](https://feedsoft.ai/c/USDCAD.md)

## Why it matters

A persistent crude oversupply keeps energy prices and biofuel-linked demand for vegetable oils and meals under pressure, while a weaker loonie affects Canadian export pricing.

## Read by commodity

- WTI: bearish ▼
- BRENT: bearish ▼
- USDCAD: bullish ▲

## Similar past events

| Commodity | Date | Event | 5-day % | 20-day % |
| --- | --- | --- | --- | --- |
| WTI | 2025-12-11 | [IEA lowers 2026 oil glut forecast for first time since May \| Reuters](https://feedsoft.ai/events/21664-iea-lowers-2026-oil-glut-forecast-for-first-time-since-may-reuters.md) | -4.4% | +0.7% |
| WTI | 2021-01-19 | [IEA cuts 2021 oil demand outlook as new Covid-19 lockdowns weigh on fuel sales - CNBC Africa](https://feedsoft.ai/events/49318-iea-cuts-2021-oil-demand-outlook-as-new-covid-19-lockdowns-weigh-on-fuel-sales.md) | +0.9% | +14.9% |
| WTI | 2025-10-14 | [World oil market to see huge glut in 2026, IEA says \| Reuters](https://feedsoft.ai/events/22590-world-oil-market-to-see-huge-glut-in-2026-iea-says-reuters.md) | -2.7% | +1.7% |
| WTI | 2022-08-03 | [Oil Plunges to Lowest Since February as US Gasoline Demand Drops](https://feedsoft.ai/events/12802-oil-plunges-to-lowest-since-february-as-us-gasoline-demand-drops.md) | -4.1% | -4.5% |
| WTI | 2017-07-12 | [OPEC's oil output jumps again as the group struggles to end crude glut](https://feedsoft.ai/events/69868-opec-s-oil-output-jumps-again-as-the-group-struggles-to-end-crude-glut.md) | +3.0% | +9.0% |
| BRENT | 2025-12-11 | [IEA lowers 2026 oil glut forecast for first time since May \| Reuters](https://feedsoft.ai/events/21664-iea-lowers-2026-oil-glut-forecast-for-first-time-since-may-reuters.md) | -4.0% | +2.5% |
| BRENT | 2021-01-19 | [IEA cuts 2021 oil demand outlook as new Covid-19 lockdowns weigh on fuel sales - CNBC Africa](https://feedsoft.ai/events/49318-iea-cuts-2021-oil-demand-outlook-as-new-covid-19-lockdowns-weigh-on-fuel-sales.md) | +1.8% | +15.3% |
| BRENT | 2025-10-14 | [World oil market to see huge glut in 2026, IEA says \| Reuters](https://feedsoft.ai/events/22590-world-oil-market-to-see-huge-glut-in-2026-iea-says-reuters.md) | -4.5% | -0.3% |

## Sources

- cbc.ca: https://www.cbc.ca/news/business/oil-markets-canadian-dollar-1.3846955

---
Data from Feedsoft AI (https://feedsoft.ai/). For information only; not investment advice.