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Weekly Market Snapshot: Oil Tops $100, Tech Selloff Hits Nasdaq, TSX Holds Steady

     Weekly Market Snapshot  |  July 20–24, 2026 It was a week where every major market got pulled in a different direction at once. Oil spiked above $100 a barrel for the first time since May on renewed Middle East attacks, a global chip-stock selloff knocked billions off tech valuations, and Ottawa woke up to a new round of US tariffs. Through it all, the TSX barely moved — closing the week almost exactly where it started. Here's how it all shook out, market by market, and what it means for your wallet. 🇨🇦 Canada: TSX Index Friday Close Week Change S&P/TSX Composite 35,369.10 +0.08% (+29 pts) The TSX had a wild ride to end up almost dead flat. It hit a fresh record close of 35,485.11 on Tuesday , driven by gold miners and tech names, then gave it all back on Thursday with an 0.8% drop to 35,193 as Middle East tensions and AI-spending jitters spooked investors. Friday brought a 176-point (0.5%) rebound as oil prices cooled and lower bond yields lifted ...
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Oil prices slump to six-month low amid weak demand and oversupply

 


Oil prices have fallen to their lowest level since June, as concerns about weak demand and oversupply weigh on the market. The spread of the Omicron variant of the coronavirus has led to new travel restrictions and lower economic growth expectations, reducing the outlook for oil consumption. At the same time, oil producers have increased their output, creating a glut of supply that exceeds demand.

According to the U.S. Energy Information Administration (EIA), U.S. crude oil inventories rose by 3.6 million barrels last week, while gasoline stocks jumped by 5.7 million barrels, indicating sluggish demand for fuel. The EIA also lowered its forecast for global oil demand growth in 2023 by 100,000 barrels per day (bpd) to 4.1 million bpd.

The International Energy Agency (IEA) echoed the bearish sentiment, saying that the Omicron variant is expected to temporarily slow the recovery in oil demand that is underway. The IEA also cut its demand projections for 2022 and 2023 by 100,000 bpd each, mainly due to the expected impact on jet fuel use from new travel curbs.

Oil prices have also been pressured by a stronger U.S. dollar, which makes oil more expensive for buyers using other currencies. The dollar has risen on expectations that the Federal Reserve will tighten its monetary policy sooner than expected to curb inflation, which hit an 11-year high in November.

Brent crude, the international benchmark, settled down $4.42, or 5.9%, at $70.62 a barrel on Wednesday, while West Texas Intermediate (WTI), the U.S. benchmark, dropped $4.60, or 6.2%, to $69.34 a barrel. Both benchmarks have lost more than 10% since hitting multi-year highs in October.

Some analysts expect oil prices to rebound in the coming months, as the impact of the Omicron variant fades and demand recovers. However, others warn that the market could remain volatile and oversupplied, especially if the Organization of the Petroleum Exporting Countries and its allies (OPEC+) decide to increase their production further in January.

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