TSX Inches Lower As Fed Hikes Rates -- Canadian Commentary

(RTTNews) - Canadian stocks fell Wednesday after the Federal Reserve raised U.S. interest rates. Suncor (SU.TO) is expected to re-start its Edmonton refinery today.

In a surprise move, the central bank now projects four interest rate hikes in 2018, rather than three.

The TSX Composite Index was down 23.16 points to 16,265.82.

AltaGas Ltd. (ALA.TO) will sell 35 percent of its interest in the Northwest British Columbia Hydro Electric Facilities for $922 million.

WestJet (WJA.TO) and Royal Bank of Canada (RY.TO) are teaming up to create a new loyalty rewards program.

Crude oil futures rose Wednesday after the government said energy inventories fell much more than forecast.

Crude inventories dropped 4.1 million barrels in the week to June 8, compared with analysts' expectations for a decrease of 2.7 million barrels. Gasoline stocks fell 2.3 million barrels.

U.S. crude oil production is expected to rise by less than previously expected to 11.76 million barrels per day (bbl/d) next year, the EIA said yesterday.

July WTI oil climbed by 28 cents, or 0.4%, to settle at $66.64/bbl.