Oil prices tumble, TSX retreats

Oil prices slumped on Thursday amid ongoing concerns over a global supply glut.

The price for West Texas Intermediate hita five-month low, with the June futures contract losing $2.30 US to end the day at $45.52.

Brent crude was off almost five per cent at $48.40 US, after going as low as $48.16 US.

During the day, both WTI and Brent hit lows not seen since OPEC agreedto cut production back on Nov. 30.

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Data released this week by the Energy Information Administration showed that U.S. crude output rose by 28,000 barrels a day last week.

U.S. output has been on the rise in recent months, touching production levels not seen since August 2015, according to Bloomberg.

U.S. crude inventoriesfell 930,000 barrels for the week to April 28, but analysts had been expecting a drop of 2.3 million barrels.U.S. crude stocks stood at 527.8 million barrels, only 7 million barrels from a record high.

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Reuters reported that prices fell Thursday on indications that OPEC and other producing countries wouldn't take additional big steps to cut production. Last year, OPEC and other producers agreed to cut output by 1.8 million barrels a day during the first half of 2017.

OPEC is due to meet May 25 in Vienna to decide whether to continue with the production cut.

The slumping oil prices weighed on Bay Street. The benchmark S&P/TSX composite index shed 146.04 points to finish at 15,396.70.

The Canadian dollar closed at 72.76 cents US, down from 72.92 cents US on Wednesday.

On Wall Street, stocks finished the day relatively flat as weak energy stocks ran up against some good earnings reports.

The Dow Jones industrial average finished at 20,951.47, down 6.43 points, while the broaderS&P 500 closed at2,389.52, up 1.39 points. The Nasdaqcomposite index finished at 6,075.34, down 2.79 points.