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TSX rises with oil prices

02.07.2008 22:00 Shopping - Source: cbc.ca

Another record oil price helped boost the S&P/TSX composite index to a gain Monday in light trading on the day before the Canada Day holiday.

The index added 112.23 points to close at 14,467.44 after the August contract for crude oil traded on the New York Mercantile Exchange (NYMEX) touched $143.67 US a barrel, a new record.

The oil price fell back to close down 21 cents at $140, but Canadian energy stocks — measured by the TSX energy sub-index — held on to the early increases and ended the day up 1.8 per cent.

There is also increasing concern about natural gas supplies. Gas added 15 cents to $13.35 per thousand cubic feet on the NYMEX Monday, about double the year-earlier price, because the market is concerned about supplies for next winter's heating, said analyst Lanny Pendill of Edward Jones.

The oil price weakened after a U.S. government report said demand was easing in the face of higher prices.

The dollar has weakened on expectations the Federal Reserve Board won't soon raise interest rates as the U.S. economy struggles with low growth. The Fed left its benchmark rate unchanged last week.

The Canadian dollar slid 0.8 of a cent to close at $1.0186 US.

With files from the Associated Press

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