* TSX down 39.23 points, or 0.27 percent, at 14,731.49
* Seven of 10 main index sectors fall
By John Tilak
TORONTO, March 13 (Reuters) - Canada’s main stock index fell on Friday as renewed concerns about oversupply of crude and a strong U.S. dollar triggered a drop in oil prices and sent shares of energy producers lower.
Oil’s latest decline was driven by a report from the International Energy Agency that cautioned that the global supply glut was showing no signs of abating.
The Toronto stock market’s benchmark TSX index recorded a 1.5 percent fall this week. Global equity markets have been under pressure since a bullish U.S. jobs report last Friday fueled worries that the Federal Reserve might advance its timetable for raising U.S. interest rates.
“The optimism we saw at the start of the year is dissipating,” said Elvis Picardo, strategist and vice president of research at Global Securities in Vancouver.
“There’s no doubt that the markets will be choppy for the rest of the year,” he added.
The Toronto Stock Exchange’s S&P/TSX composite index closed down 39.23 points, or 0.27 percent, at 14,731.49. Seven of the 10 main sectors on the index were in the red.
Financials, the index’s most heavily weighted sector, declined 0.7 percent. Toronto-Dominion Bank lost 0.9 percent to C$53.57, and Royal Bank of Canada shed 0.9 percent to C$75.69.
In the energy sector, Encana Corp gave back 0.9 percent to C$13.78 and Keyera Corp fell 3.9 percent to C$79.10.
$1=$1.28 Canadian Editing by Peter Galloway and James Dalgleish