CBC News reported that the oil price dropped below $41 on Wednesday, dragging the Canadian loonie down with it, which hit US$0.76.

As quoted in the market news:

West Texas Intermediate was trading at $40.70 nearing midday in New York, down by almost five per cent from Tuesday’s close.

That’s the lowest level that oil has traded at since the spring of 2009, when oil was on its way back up after troughing at $33.98 on Feb. 12 of that year.

Click here to read the full CBC News report.