Bay Street On Edge Approaching New Year -- Canadian Commenetary

(RTTNews) - Canadian stocks may fall for a second day in a row Wednesday, as oil prices have turned sharply lower on lingering concerns about the global supply glut.

Saudi Arabia won't change its current production policy, it was reported early today, meaning they will continue pumping oil at a furious pace order to maintain market share.

Meanwhile, the American Petroleum Institute, an industry group, reported Tuesday that U.S. crude-oil inventories rose by 2.9 million barrels in the latest week.

WTI light sweet crude fell 1 dollar to $36.90 a barrel.

Energy stocks weakened in the previous session, helping Bay Street break a 5-day win streak.

The S&P/TSX composite index lost 64.05 points to 13,245.75.

Valeant (VRX.TO) will remain in focus after plunging 12 percent on anxiety over the health of its CEO.