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Price of oil cruises past $60 US as TSX retreats from record-setting pace

December 29, 2017 5:10 PM
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Price of oil cruises past $60 US as TSX retreats from record-setting pace

Price for benchmark U.S. crude contract hits highest level since June 24, 2015

Oil prices pushed past the $60 US mark for the first time in about 2½ years as Canada's main stock index retreated from its two-day record streak.

The February benchmark U.S. crude contract was up 34 cents to $60.18 US per barrel, after 90 minutes of trading, marking its highest level since June 24, 2015.

The Toronto Stock Exchange's S&P/TSX composite index tumbled 51.42 points to 16,170.53, in a broad-based decline.

On Wednesday and Thursday, the TSX closed at record highs of 16,203.13 and 16,221.95, respectively.

In New York, the Dow Jones industrial average was down 35.45 points to 24,802.06. The S&P 500 index inched back 1.48 points to 2,686.06 and the Nasdaq composite index was down 19.77 points to 6,930.39.

The Canadian dollar was trading at 79.65 cents US, up from Thursday's average price of 79.44 cents US.

Elsewhere in commodities, the February natural gas contract was up seven cents to $2.99 US per mmBTU. The February gold contract climbed $7.40 to $1,301.50 US an ounce and the March copper contract was down two cents to $3.27 US a pound.

Also read: TSX up slightly, US stock markets move lower in late-morning trading; Loonie down


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