Oil slips below $27 amid stock market turmoil

North American stock markets closed the day lower, but off their steepest losses on Wednesday, after the price of oil slipped below $27 US a barrel. Western Canada Select crude had fallen to $14.50 US. The falling price of oil helped drag the Dow Jones industrial average down by 1.5 per cent, while the TSX fell 1.3 per cent, after losses of 3 per cent at midday.