Energy stocks weigh on Toronto market, loonie slips lower; U.S. markets closed

TORONTO _ Canada’s main stock index closed lower, weighed down by losses in the energy and gold sectors.

The S&P/TSX composite index closed down 59.53 points at 16,016.14.

The energy sector has been under pressure as the price of oil tumbled in recent days amid reports that OPEC countries and Russia could start pumping more oil soon.

U.S. financial markets were closed for Memorial Day.

Trading outside the U.S. for the July crude contract closed down US$1.41 a barrel at US$66.47. International trading of the August gold contract closed down US$6.30 at US$1,302.70.

The Canadian dollar averaged 76.92 cents US, down 0.16 of a US cent.