Energy stocks weigh on Toronto market, loonie slips lower; U.S. markets closed

TORONTO -- Canada's main stock index was lower in late-morning trading, weighed down by losses in the energy sector.

The S&P/TSX composite index was down 29.24 points to 16,046.43, after 90 minutes of trading.

The energy sector has been under pressure as the price of oil has tumbled in recent days amid reports that OPEC countries and Russia could start pumping more oil soon.

Crude oil prices were down US$1.41 a barrel to US$66.47 in mid-morning trading.

U.S. financial markets are closed for Memorial Day.

The Canadian dollar was trading at 76.84 cents US, down from an average value of 77.08 cents US on Friday.

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