Canadian Stocks Close Slightly Lower On Drop In Oil Prices - Canadian Commentary

(RTTNews) - After seeing early strength, Canadian stocks turned lower over the course of the trading session on Wednesday but closed well off their worst levels.

The S&P/TSX Composite Index regained ground late in the session but still ended the trading day down 5.40 points or less than a tenth of a percent at 14,544.60.

The lower close by the benchmark index was largely due to weakness among energy stocks, which moved lower along with the price of crude oil.

Crude oil for September delivery slumped $1 to $41.92 a barrel following the release of a report showing an increase in U.S. crude oil inventories last week.

Financial and utilities stocks also moved to the downside on the day, while information technology stocks saw substantial strength.