TSX loonie lower as oil weaken New York mixed ahead of Fed

TORONTO — The Toronto stock market was lower at the close as crude prices fell amid fresh comments from Iran that it intends to increase oil production.The S&P/TSX composite index was down 44.46 points at 13,477.54 as the resource-heavy market failed to gain traction from a big rally that capped trading last week.The Canadian dollar fell 0.21 of a U.S. cent to 75.37 cents US as investors awaited the latest policy rate announcement Wednesday from the Fed, which raised its benchmark rate for the first time in almost a decade in December.U.S. indexes were mixed after trading in a narrow range, with the Dow Jones edging up 15.82 points to 17,229.13. The Nasdaq added 1.81 points to 4,750.28, while the broader S&P 500 shed 2.55 points to 2,019.64.In commodities, the April contract for benchmark North American crude oil slumped $1.32 to US$37.18 a barrel after Iran’s oil minister dismissed the idea of a production cap, saying his country will keep increasing output until it reaches pre-sanctions levels of four million barrels per day.Elsewhere, April gold was down $14.30 at US$1,245.10 a troy ounce, while April natural gas was unchanged at US$1.82 per mmBtu. May copper was also barely changed at US$2.24 a pound.

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