12/29/2017 06:34 EST | Updated 12/29/2017 06:40 EST

Price of oil cruises past US$60 mark, as TSX retreats from record-setting pace

TORONTO — Oil prices pushed past the US$60 mark for the first time in about 2 1/2 years, as Canada's main stock index retreated from its two-day record streak.

The February crude contract was up 34 cents to US$60.18 per barrel, after 90 minutes of trading. That's its highest level since June 24, 2015. 

The Toronto Stock Exchange's S&P/TSX composite index tumbled 51.42 points to 16,170.53, in a broad-based decline.

In New York, the Dow Jones industrial average was down 35.45 points to 24,802.06. The S&P 500 index inched back 1.48 points to 2,686.06 and the Nasdaq composite index was down 19.77 points to 6,930.39. 

The Canadian dollar was trading at 79.65 cents US, up from Thursday's average price of 79.44 cents US.

Elsewhere in commodities, the February natural gas contract was up seven cents to US$2.99 per mmBTU. The February gold contract climbed $7.40 to US$1,301.50 an ounce and the March copper contract was down two cents to US$3.27 a pound.

On Wednesday and Thursday, the TSX closed at record highs of 16,203.13 and 16,221.95, respectively.