CANADA STOCKS-TSX drops as oil prices fall on supply concerns

Wed Jan 28, 2015 10:51am EST
 
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* TSX down 33.83 points, or 0.23 percent, at 14,800.05

* Seven of 10 main index sectors advance

* AGF slips after reporting results

By John Tilak

TORONTO, Jan 28 (Reuters) - Canada's main stock index was lower on Wednesday as a decline in oil prices on concerns about a buildup in U.S. crude inventories hit shares of energy producers.

Investors were also awaiting a policy statement from the U.S. Federal Reserve later in the day following a two-day Fed meeting.

The market in recent days has had to process uncertainty over the Greek election results, as well as sluggish economic data from China and the United States.

The American Petroleum Institute said late on Tuesday that U.S. crude stocks shot up last week. That sent the price of U.S. crude oil down nearly 3 percent, and shares of oil and gas producers on the Toronto stock market were 2.3 percent lower on Wednesday.

"Oil is trying to settle at these levels, but it's still going to be choppy because it's come down so far, so fast," said Colin Cieszynski, chief market strategist at CMC Markets.   Continued...