...Oil edges lower
Oil prices stepped back from Thursday's latest record close, with the April crude contract on the New York Mercantile Exchange losing 12 cents a barrel to $110.21 a barrel.
The TSX's energy sector fell 0.87 per cent.
Many analysts, however, see little on the horizon to change the upward pressure on oil prices, which had set new records for seven straight sessions, and have risen nearly 12 per cent since last week.
Analysts blame the weak U.S. dollar, which set a new low against the euro yesterday, for oil's recent rally.
Crude-oil futures offer a hedge against a falling dollar.
In addition, oil futures bought and sold in greenbacks are more attractive to foreign investors when the currency is weak.
Inmet Mining Corp. said an illegal strike at the Ok Tedi mine in Papua New Guinea is over, but will result in lost production of 2,500 tonnes of copper and 6,400 ounces of gold. Inmet owns 18 per cent of OK Tedi. Inmet shares fell 46 cents (Canadian) to $85.54.
TransCanada Corp., owner of Canada's largest pipeline system, said the U.S. state department issued a permit authorizing a line that will carry increasing oil-sands output to U.S. Midwest and Gulf Coast refineries.
The permit clears the way for construction of the 3,456-kilometre Keystone pipeline, which is to be completed in 2009's fourth quarter.
TransCanada, the largest transporter of natural gas in Canada, is diversifying into oil pipelines to capitalize on rising output from Alberta's tar sands.
TransCanada shares fell 65 cents to $39.46.
From the Star's wire servicesToronto Star
