Canadian stocks edge down on oil retreats

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Toronto, March 15 (IANS) Canada’s main stock market in Toronto started the week flatly lower as crude prices sold off after weekend news surfaced that Iran has little intention to cut production.

The Toronto Stock Exchange’s benchmark Standard & Poor’s/TSX Composite Index lost 44.46 points, or 0.33 percent, to close at 13,477.54 points on Monday, Xinhua news agency reported.

Six of the TSX index’s eight main sub-sectors ended lower.

Oil prices dropped on Monday as Iran reportedly said that it intended to ramp its production level back up to before the sanction, or 4 million barrels a day.

The Canadian dollar was traded lower at $0.7537, compared with Friday’s closing rate of $0.7558.

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