The Scotiabank Commodity Price Index declined by 4.6% month-over-month in December, reflecting a sharp drop in the oil and gas index.
“Western Canadian Select heavy crude oil led the decline, having plunged from US$72.47 to a mere US$57.84 per barrel in December,” says Patricia Mohr, vice president of Economics and Commodity Market Specialist at Scotiabank.
The commodity index ended last year on a weak note. The All Items Index also fell, dipping 19.7% below the near-term peak in April 2011.
The decline in December reflected a sharp drop of 14.6% in the oil and gas index, while other sub-indices posted positive results. Metal and minerals was up 1.7%, forest products surged 3.2%, and agricultural products inched up 0.8%.
To read the full report about the performance of the Scotiabank Commodity Price Index, click here.
NOTE: You can also watch a video about the index, featuring Patricia Mohr, by checking out the video list on the right-hand side of the page.
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