Canadian stocks close lower

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Toronto, Feb 24 (IANS) Canada’s main stock market in Toronto dipped into negative territory after crude oil prices fell back over Saudi plans on no production cuts.

The Toronto Stock Exchange’s benchmark Standard & Poor’s/TSX Composite Index lost 82.19 points, or 0.64 percent, to close at 12,763.44 points on Tuesday, Xinhua reported.

Five of the TSX index’s eight main sub-sectors were lower.

The Canadian dollar was traded lower at $0.7263, compared with Monday’s closing rate of $0.7293.

Oil prices back-pedalled on Tuesday after Saudi Arabia ruled out production cuts.

Major oil exporters including Saudi Arabia and Russia have proposed to freeze output at January levels only if other producers join them.

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