Oil supply glut fears pushes TSX lower, Fed awaited

Oil supply glut fears pushes TSX lower, Fed awaited

Oil supply glut fears pushes TSX lower, Fed awaited Oversupply fears have pushed the price of crude and energy stocks lower again on Tuesday but the Toronto Stock Exchange managed a slim gain at the close. Meanwhile the 2-day meeting of the Fed’s monetary committee is being keenly watched worldwide as expectation of a summer rise in US interest rates could be on the cards. Globally only Asia had a positive end to the day with regional optimism boosted by stimulus; Europe’s main indexes closed lower ahead of the Fed’s announcement tomorrow.

The S&P/TSX Composite Index closed up 56.08 (0.38 per cent)

The NYSE closed mixed (only Nasdaq closed higher)

Oil is trending lower (Brent $53.50, WTI $43.13 at 4.20pm)

Gold is trending lower

The loonie is valued at U$0.7827 (at 4.20pm)