RTTNews - Toronto stocks could extend its losses from the previous session on Wednesday morning as commodity prices continue to see weakness. The market had reached its highest level in almost eight months earlier in the week.

Crude oil prices continued to tumble in electronic trading, losing $1.48 to $65.75 per barrel. Oil had touched as high as $68.99 earlier in the week. Investors await the Energy Information Administration's weekly inventory report at 10:30 a.m. ET.

Talisman Energy (TLM.TO) reported its second-quarter net income was C$63 million or C$0.06 per share, down from C$426 million or C$0.41 per share, a year earlier.

Enbridge (ENB.TO) announced that its second quarter earnings were C$393.0 million or C$1.08 per common share, compared to C$657.7 million, or C$1.81 per share in the year ago quarter.

Gold also continued to slip on the Comex, losing $4.40 to $937.30 in early trading. Among big names on Bay Street, Agnico-Eagle Mines (AEM.TO) and Goldcorp (G.TO) are expected to report earnings after the market close today.

In other corporate news, CGI Group (GIB.A.TO) said its third-quarter net earnings declined to C$76.5 million or C$0.25 per share from C$78 million or C$0.24 per share in the year earlier period.

Across the border, Yahoo! (YHOO) and Microsoft (MSFT) signed a 10-year partnership to take on Google (GOOG) as the top Internet search engine.

On Tuesday, the S&P/TSX Composite Index has dropped 160.6 points or 1.49% to move at 10,596.31. The market finished Monday's session at its best level since early October.

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