USA crude prices were down 2.2 percent to $45.34 a barrel, extending losses as data showed a bigger-than-expected increase in US stockpiles.
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Blais said the latest quarterly GDP figures released Wednesday also had repercussions for the Canadian equity market and loonie, which lost 0.12 of a cent, closing at 76.24 cents US.
Shares in First Majestic Silver Corp declined 2.9 per cent to $15.36 after a hedge fund disclosed a short position in the stock.
Agrium Inc and Potash Corp of Saskatchewan Inc said they were in talks to merge, a deal to create a fertilizer and farm retailing giant worth more than $25 billion but which could also trigger USA regulatory scrutiny.
The U.S. Labor Department reported that slightly more Americans applied for unemployment benefits last week, but overall levels remain at historic lows – suggesting that the pace of hiring was solid in August.
Canada signed 56 deals with China worth more than $1.2-billion during a visit to the country by Prime Minister Justin Trudeau.
“The Fed has been talking about being data-dependent and watching information closely”.
Wall Street fell on Thursday, starting September on a dour note after a steeper-than-expected decline in monthly factory activity raised doubts about growth and the ability of the economy to withstand an interest rate hike. On Friday, Fed chairwoman Janet Yellen hinted in a conference speech that the case for raising rates is growing due to an improved economic outlook.
The S&P 500 was up 1.33 points, or 0.06 per cent, at 2,172.28. The Nasdaq composite jumped 13.99 points to 5,227.21. Even so, the market was on course to rise 0.4% for the month of August. Its shares closed 1.55 per cent higher, or $1.07, to $69.93.
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A more than 2-per-cent drop in oil prices weighed down energy companies. Energy Services & Tech and MEG Energy Corp were among the biggest losers on the index, dropping between 3.21 per cent and 6.46 per cent.
