North American markets may open flat Tuesday as as oil prices pull back from record highs near US$60 a barrel.

Crude oil prices fell 43¢ to US$58.94 a barrel early Tuesday, a day after trading as high as US$59.52 intraday on the New York Mercantile Exchange — the highest level since Nymex began trading crude-oil futures in March 1983.

Oil consumption remains strong, sparking concerns that growing demand could spur still-higher prices and further damp economic growth.

In today’s economic news, Statistics Canada said retail sales surged 1.5% in April to $30.9 billion, a level 8.2% higher than in the same month of 2004.

The April jump compares with a 0.2% rise in March.

Excluding sales by dealers of new, used and recreational vehicles and auto parts, retail sales showed a gain of 0.8% in April. Ex-auto sales rose 0.9% in March.

Economists had forecast April retail sales to rise 0.5%, and sales excluding autos to rise by 0.6%.

There are no major economic releases from the United States today.

Soaring oil prices lifted Toronto stocks to a higher close Monday, while U.S. markets dipped. The S&P/TSX composite index climbed 50.54 points, or 0.51%, to close at 9,998.11.

The market had traded above the 10,000-point plateau in intra-day trading.

Seven of the 10 TSX main groups were up, with the energy sector advancing 2.03%.

EnCana Corp. gained $1.72, or 3.5%, to close at $50.90 after the oil and gas firm announced plans to sell or spin off its natural gas storage business. The heavily weighted financials sector gained 0.5%.

Toronto Dominion Bank shares climbed on media reports that Ameritrade Holding Corp. is nearing a purchase of rival TD Waterhouse from the bank. TD shares rose 29¢ to $43.35.

The materials sector was off 1.11%, while industrials were down 1.14%

Ipsco Inc., dropped $4.70, or 8.95%, to close at $47.80. The steel maker had warned late Friday that its second-quarter earnings would fall below estimates previously given by the firm.

The junior S&P/TSX Venture composite index finished up 2.64, or 0.15%, to close at 1,728.99.

The prospect of higher oil and gasoline prices hurt Wall Street stocks.

the blue chip Dow Jones industrial average lost 13.96, or 0.13%, to close at 10,609.11, the tech heavy Nasdaq composite index dipped 1.98, or 0.09%, to finish 2,088.13, and the broad-based S&P 500 index dropped 0.86, or 0.07%, to close at 1,216.10.