Energy sector weighs on Toronto market as oil drops below US$70 a barrel

TORONTO _ Canada’s main stock index continued its fall today as the price for oil fell below US$70 a barrel and continued to drag down the energy sector.

The S&P/TSX composite index shed 37.95 points to 16,075.67, following reports OPEC countries plan to produce more oil soon.

In New York, the Dow Jones industrial average fell 58.67 points to 24,753.09. The S&P 500 index lost 6.43 points to 2,721.33 and the Nasdaq composite index gained 9.42 points to 7,433.85.

The Canadian dollar averaged 77.08 cents US, down 0.49 of a U.S. cent.

The July crude contract retreated US$2.83 to US$67.88 per barrel and the July natural gas contract fell about a penny to US$2.96 per mmBTU.

The June gold contract shed 70 cents to US$1,303.70 an ounce and the July copper contract declined by about two cents to US$3.08 a pound.