Toronto stocks closed slightly lower Monday after trading in a narrow range during the session. Investors remained cautious even as oil prices eased lower. The S&P/TSX composite index slipped 20.15 points to finish at 8,315.47, with 176 million shares changing hands.

Energy stocks retreated 1.63%, as crude-oil futures fell to one-week lows as supply concerns eased on broadly positive developments out of Iraq and Russia.

The benchmark October contract ended down US67¢ at US$46.05.

A slew of big energy names endured declines of more than 2% including Nexen and Canadian Natural Resources.

Penn West Petroleum, however, bucked the downtrend. The stock closed up $2.98, or 4.56%, at $68.40 after announcing Friday that it plans to convert to an income trust.

Gold-mining stocks fell as COMEX gold slipped from four months highs in New York on a steadier U.S. dollar and a faltering rally in crude oil prices.

Losses in the gold and energy sectors were offset by gains in technology group, which rose 1.77%. Shares in tech bellwether Nortel Networks jumped 20¢ to $5.22, as volume exceeded 15 million shares.

In other business news, an Ontario court approved Air Canada’s restructuring plan, while one of Canada’s major banks sold off its debt in the insolvent carrier and gained rights to buy up to 10% of the voting shares of the restructured airline.

Justice James Farley of Ontario Superior Court approved the airline’s plan, that will see it emerge from bankruptcy by the end of September, with a smaller workforce and fleet, more international routes and plans to spin off some of its subsidiaries.

Air Canada shares, which may soon be de-listed from the TSX, slipped 1.5¢ to 20¢.

CIBC said it has sold off all of its proven claims against Air Canada to a third party for cash. The bank said it will recognize a $52 million pre-tax gain in the fourth quarter.

CIBC also said it has obtained rights to acquire between 3.4 million and 3.8 million voting shares of ACE at an exercise price of $20 per share.

CIBC shares slipped 10¢ to close at $64.85.

Bank earnings season kicks off tomorrow with Bank of Montreal reporting its third-quarter results.

The junior S&P/TSX Venture composite index slipped 8.47 points to close at 1,515.38.

On Wall Street, stocks closed mostly lower Monday as a cut in Wal-Mart’s sales forecast for August overshadowed declines in oil prices and spurred concern about consumer spending.

The Dow Jones industrial average was down 37.09 points, or 0.4% at 10,073.05, just off its intraday low of 1,067.97. The tech-heavy Nasdaq composite index was virtually unchanged, edging up 0.68 points to 1,838.70. The S&P 500 dipped 2.67 points, or 0.2%, to 1,095.68.