Oil prices fall to six month low

The Toronto Stock Exchange's S&P/TSX composite index shed 209.62 points, or 1.3 percent

June 19, 2017
The Canadian Press
The Canadian Press

TORONTO—The price of oil fell to its lowest level in six months today, weighing heavily on Canada’s largest stock index.

The Toronto Stock Exchange’s S&P/TSX composite index shed 209.62 points, or 1.3 percent, to finish at 15,170.13. Energy and gold stocks racked up the biggest losses.

Shares of major oil companies—including Encana, Canadian Natural Resources and Suncor—were all lower after U.S. government statistics showed oil inventories fell less than estimated last week.

The July crude contract was down $1.73 at US$44.73 per barrel, its lowest price since Nov. 14.

In New York, stock markets were mixed as the Federal Reserve announced it was hiking its key interest rate for the third time since December.

The Dow Jones industrial average gained 46.09 points to hit 21,374.56, a new record high. The S&P 500 index shed 2.43 points to 2,437.92, and the Nasdaq composite index was down 25.48 points at 6,194.89.

In commodities, the August gold contract was up $7.30 to US$1,275.90 an ounce. The July copper contract was down two cents at US$2.57 a pound, and the July natural gas contract was down three cents at US$2.93 per mmBTU.

The Canadian dollar was trading up 0.17 of a U.S. cent to an average price of 75.71 cents US.