09/11/2015 05:03 EDT | Updated 09/11/2015 05:59 EDT

TSX Ends Week With Triple-Digit Loss After Goldman Sachs' $20-Oil Forecast

TORONTO - The Toronto Stock Exchange finished the trading week with a triple-digit loss in the wake of a pessimistic report from Goldman Sachs that said crude oil prices could dip as low as US$20 a barrel next year.

The S&P/TSX composite index closed off its worst levels of the day but was still down 108.42 points at 13,461.47, with energy by far the leading decliner as the sector fell just over three per cent.

The Canadian dollar lost 0.15 of a U.S. cent to 75.45 cents US.

South of the border, major indexes turned solidly positive after recovering from a morning swoon over oil prices as traders increasingly turned their attention to next week's interest rate meeting of the U.S. Federal Reserve.

The Dow Jones industrial average shot up 102.69 points to 16,433.09, while the broader S&P 500 advanced 8.76 points to 1,961.05 and the Nasdaq added 26.09 points to 4,822.34.

On commodity markets, the October crude oil contract fell $1.29 to US$44.63 a barrel, while October natural gas advanced a penny to US$2.69 per thousand cubic feet. December gold lost $6 to US$1,103.30 an ounce.