TSX Dives Amid Oil Price Decline and Global Rate Hikes

Canada's main stock index, the S&P/TSX Composite Index, fell by 187.84 points or 0.52% to 35,686.42 on Friday as lower oil prices weighed on energy shares.

The decline came after Thursday's sharp advance of 382.99 points or 1.1%, which was the index's biggest one-day gain since September 3.

Oil prices extended their decline for a third straight session, with expectations that Middle Eastern producers may restore some disrupted supply offsetting concerns over a widening regional conflict.

The Federal Reserve's first interest rate hike in over three years and the Bank of Japan's decision to lift interest rates to a 31-year high on Friday have contributed to a globally synchronized cycle of rate hikes, according to analysts at Deutsche Bank.