Stocks fall back as oil loses momentum

Stocks fall back as oil loses momentum

Stocks fall back as oil loses momentum The Toronto Stock Exchange has ended its rally after oil prices took a downward turn again today on concerns over high US stock levels. Having reached above $54 yesterday the price of Brent crude reversed to around $48 taking energy stocks with it. Some analysts are convinced that oil has already been at the lowest it will reach but even so there is some way to go before prices are at a comfortable level for the oil firms.

The S&P/TSX Composite Index closed

The NYSE closed mixed

Oil is trending slightly higher ($48.77 at 4pm)

Gold is trending lower

The loonie was at 80 cents US at 4pm