TSX rises with oil prices

Another record oil price helped boost the S&P/TSX composite index to a gain Monday in light trading onthe day before the Canada Day holiday.

The index added112.23 points to close at 14,467.44after the August contract for crude oiltraded on the New York Mercantile Exchange (NYMEX) touched $143.67 US a barrel, a new record.

The oil price fell back to close down 21 cents at $140,but Canadian energy stocks measured by the TSX energy sub-index held on to the early increases and ended the day up 1.8 per cent.

There is also increasing concern about natural gas supplies. Gas added 15 cents to$13.35 per thousand cubic feet on the NYMEX Monday, about double the year-earlier price,because the market is concerned about supplies for next winter's heating, said analystLanny Pendill of Edward Jones.

The oil price weakened after aU.S. government report said demand was easing in the face of higher prices.

The dollar has weakened on expectations the Federal Reserve Board won't soon raise interest rates as the U.S. economy struggles with low growth. The Fed left its benchmark rate unchanged last week.

The Canadian dollar slid 0.8 of a cent to close at $1.0186 US.