The markets today

TORONTO (CP) — A slide in crude oil prices weighed on energy companies on both sides of the border Monday, as the Canadian dollar lost ground. The S&P/TSX composite index fell 65.97 points to 16,042.12, with the oil and gas sector down nearly 2 1/2 per cent as the January crude contract retreated 84 cents to US$58.11 per barrel. “After rallying to a two and half year high last week, momentum in crude markets kind of stalled out here today, largely ahead of the big OPEC meeting in Vienna later this week,” said Candice Bangsund, vice-president and portfolio manager at Fiera Capital. It was reported last week that the 14 nations of the Organization of the Petroleum Exporting Countries and Russia have agreed to extend their latest cuts in oil production until the end of 2018. OPEC and a group of other important oil producers will meet in Austria’s capital on Thursday to discuss cuts they announced one year ago and implemented at the start of 2017. “Obviously that bolstered prices last week, but I think investors are now taking a step back and waiting for the actual result on Thursday,” said Bangsund. “If for some reason they don’t push something through I think you could see crude prices pulling back.” South of the border, markets were mixed Monday as falling energy shares also pulled U.S. stock indexes mostly lower on Wall Street. The Dow Jones industrial average was up a meagre 22.79 points to 23,580.78. The S&P 500 index was down one point at 2,601.42 and the Nasdaq composite index gave back 10.64 points to 6,878.52. A bright spot on Wall Street was American retailers who posted solid gains on reports the holiday shopping season is starting strong.