TORONTO — Canadian oil and gas producers dragged Toronto's main stock index sharply lower this morning as crude oil prices fell.
Cenovus Energy (TSX:CVE) was among the hardest hit with its shares down about 10 per cent after it announced the pending retirement of its CEO and revised estimates for asset sales and cost cutting.
The S&P/TSX composite index was down 94.93 points to 15,171.11, after 90 minutes of trading.
In New York, the Dow Jones industrial average lost 2.77 points to 21,526.22. The S&P 500 index shed 6.99 points to 2,446.47 and the Nasdaq composite index dropped 12.89 points to 6,226.12.
The Canadian dollar was trading at 75.34 cents US, down from Monday's average price of 75.64 cents US.
The August crude oil contract was down US$1.38 at US$43.05 per barrel — the lowest level in months — amid concerns about market oversupply. The July natural gas contract was unchanged at US$2.89 per mmBTU.
The August gold contract was down US$2.90 to US$1,243.80 an ounce and the July copper contract was down three cents at US$2.55 a pound.