05/25/2015 06:42 EDT | Updated 05/25/2016 01:12 EDT

Oil futures lower ahead of Toronto open, U.S. markets closed for holiday

TORONTO - The price of oil was lower ahead of the open for trading on the Toronto Stock Exchange.The July futures contract for crude oil was down 32 cents at $59.40.The Canadian dollar was up 0.18 of a U.S. cent at 81.47 cents.Oil and the energy sector has been a key driver on the Toronto market.In corporate news, Barrick Gold has signed a deal to sell its Cowal mine in Australia to Evolution Mining for US$550 million.U.S. stock markets are closed for the Memorial Day holiday.

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