Toronto stocks closed lower Wednesday as support from energy and resources shares was offset by worries over inflation.

The S&P/TSX composite index fell 19.68 points, or 0.13%, to end at 14,716.52, after falling more than 200 points on Tuesday.

Energy shares gained 1.7%, lifted by the climbing price of oil.

Oil prices rose more than US$5 after data showed U.S. stockpiles fell sharply. Oil futures settled at US$136.38 a barrel.

On the TSX, Canadian Natural Resources was up $2.56, or 2.5%, to $105.26, and Suncor Energy added $1.43, or 2.1%, to $68.76.

The resources-laden materials sector rose 0.8% as Potash Corp of Saskatchewan added $2.45, or 1.1%, to $227.33.

Shares of Agrium touched a fresh record high after the company raised its profit outlook amid strong sales of fertilizer, seed and chemicals. Agrium closed up $7.77, or 8.3%, at $102.00.

The influential financials group gave up 1.8%, with National Bank of Canada down $1.75, or 3.3%, at $51.83, and CIBC off $1.45, or 2.2%, to $63.30.

The junior S&P/TSX Venture composite index shed 10.38 points, or 0.39%, to close at 2,638.56.

The Canadian dollar gained showed strength closing at US98.04¢ from Tuesday’s close at US$97.81.

On Wall Street, U.S. stocks sank, with all three indexes losing around 2%, after oil prices shot back near their record high, stoking fears about inflation and its toll on consumers.

The U.S. Federal Reserve offered no comfort after its report on regional economic conditions said higher energy and commodity prices are being passed on to consumers in some areas, causing inflation pressures. The report also said economic activity was generally weak.

The Dow Jones industrial average was down 205.99 points, or 1.68%, at 12,083.77. The S&P 500 was down 22.95 points, or 1.69%, at 1,335.49. The Nasdaq composite index was down 54.93 points, or 2.24%, at 2,394.01.