Toronto stocks edged higher Tuesday, as a new high in oil prices spurred the energy group, offsetting losses across other market sectors. The S&P/TSX composite index ticked up 14.66, or 0.14%, to 10,573.06.

Volume was 234 million shares.

Though seven of the 10 TSX main sub-groups were down, the energy index, which gained 1.69%, managed to lead the senior exchange into positive territory.

Crude-oil prices spiked $2.61, or 3.9%, to settle at a record close of US$69.81. During intra-day trading, the price peaked at US$70.85. Hurricane Katrina is blamed for largely shutting down oil production in the U.S. Gulf of Mexico region.

Ultra Petroleum Corp. gained $1.22, or 2.92%, to $43.05, while EnCana lifted $1.50, or 2.74%, to $56.20.

The financial group ended in the black, up 0.11%

Scotiabank reported a third-quarter profit of $784 million, up 7%over last year. Nevertheless, its shares fell by 8¢, or 0.19%, to $41.02.

The information technology sector fell 1.52%

Graphics chip maker ATI Technologies Inc. again lowered its fourth quarter outlook, saying it has suffered from lower sales volumes. Investors were bullish on the stock, however, sending it higher by 36¢, or 3.17%, to $11.70 on heavy trading.

Nortel Networks Corp. announced it is teaming with Microsoft to deliver a real-time business communications service. It shares dropped 12¢, or 3.26%, to $3.56.

The Canadian dollar closed up at 0.50 of a cent at US83.93¢.

The junior S&P/TSX Venture composite index dipped 2.59 points, or 0.14%, to 1,912.25.

On Wall Street, U.S. investors were bearish as they began to assess the overall cost of the damage – anywhere from US$12 billion to US$26 billion — caused by hurricane Katrina.

The Dow Jones industrial average closed down 50.23 points, or 0.48%, at 10,412.82, after bottoming out at 10,350.00 during intra-day trading. The Nasdaq composite index fell 7.89 points, or 0.37%, to 2,129.76, while the S&P 500 dropped 3.87 points, 0.32%, to 1,208.41.