Saudi Arabia and three Arab countries severed ties to Qatar on Monday, leading the TSX to slip as oil prices fell. ( Kamran Jebreili / The Associated Press )The Toronto stock index slid moderately Monday amid weakening oil prices and growing tensions in the Middle East. Energy stocks were up 0.08 per cent despite the July crude contract losing 26 cents at $47.40 (U.S.) per barrel. Oil prices slumped as Bahrain, Egypt, Saudi Arabia and the United Arab Emirates announced they were cutting diplomatic ties with Qatar over its support for Islamist groups and its relations with Iran. The next month, 11 non-OPEC oil-producing countries promised to cut another 558,000 bpd, bringing the overall reduction to 1.8 million bpd.

Source: thestar June 05, 2017 16:01 UTC