CLOSING BELL: Oil prices drop, bringing TSX down with them
Canada’s main stock market dipped today as oil prices stumbled.
Prices on crude are trending downward after Libya is getting back into the export market and Saudi Arabia ramps up production, sending the global supply up. The losses in the heavyweight energy sector were compounded by losses in the medical marijuana sector and CN Railway, as the TSX dropped 66 points, closing at 16,494.
On Wall Street it was a choppy day as a strong corporate earnings season continued, doing its part to offset energy sector losses. The Dow Jones closed at 25,064, up 44 points.
At press time oil is down $3.03 to $67.98 U.S. per barrel, gold is up 10 cents to $1241.30 an ounce, and the loonie is up a fifth of a cent to 76.10 cents U.S.