Oil Collapse Spooking Canadian Market -- Canadian Commentary

(RTTNews) - Early signals are pointing to another rough session on Bay Street Monday morning, as crude oil prices continued to collapse amid a global supply glut.

The S&P/TSX Composite Index plunged almost 190 points to 14,555 on Friday, as gold and oil stocks hit the skids.

WTI light sweet crude oil was down 72 cents at $42.70 a barrel, its lowest since mid-summer.

Last week, IEA warned about a worsening supply glut.

Meanwhile, OPEC's Monthly Oil Market Report revealed daily oil production for the cartel of 33.64 million barrels for October.

Amaya (AYA.TO), the online gaming service, has received a $3.5 billion buyout from a group led by former CEO David Baazov.

Gildan Activewear Inc. (GIL, GIL.TO) has purchased struggling American Apparel for $66 million. American Apparel just filed for Chapter 11 bankruptcy protection.

Enerplus (ERF.TO) reported a third quarter loss per share of C$0.42.