Toronto stocks ended higher, while New York markets slumped, as oil prices continued to spike amid concerns over crude production and refining capacity.

The S&P/TSX composite index finished up 36.76 points, or 0.36%, to close 10,111.89.

Volume was 224 million shares.

Seven of the 10 TSX main sub-indexes gained on the day, with the materials sector up 1.36% and the energy group advancing 0.48%.

A barrel of light crude settled up $1.69 to close at US$61.28, a record high, on the New York Mercantile Exchange on news that a tropic storm would hurt production in the Gulf of Mexico and refinery capacity along the U.S. east coast.

Precision Drilling Corp. gained 64¢, or 1.30%, to end $49.80, while EnCana Corp. lost 18¢, or 0.34%, to close $52.17.

In the materials group, Alcan Inc. gained 45¢, or 1.23%, to close at $37.10, while Goldcorp Inc. gained 20¢, or 1.04%, to close $19.38.

In corporate news, Sun Life Financial Inc. said it is purchasing the Hong Kong insurance and pension operations of the Commonwealth Bank of Australia for $560 million. Sun Life shares gained 39¢, or 0.95%, to finish $41.65. The financial sector ended flat.

The Canadian dollar closed up at 0.42 of a cent at US80.83¢.

The junior S&P/TSX venture exchange finished up 1.65, or 0.10%, to close 1,725.54

In New York, the Dow Jones industrial average lost 101.12, or 0.97% to close 10,270.68. The tech-heavy Nasdaq composite index declined 10.10, or 0.49%, to 2,068.65, while the S&P 500 dropped 10.05 points, or 0.83%, to 1,194.94.

The increase in oil prices offset positive news from the American non-manufacturing sector. The U.S. Institute for Supply Management reported its index of business activity stood at 62.2 for June, above economists’ expectations.