Canada’s largest stock market index closed at another record Tuesday as rising oil prices supported energy shares.

The S&P/TSX composite index gained 17.59 points to finish at 36,475.92. The increase was about 0.05 per cent and placed the index above the record closing level reached Monday.

It was the second consecutive record close for the Canadian market.

Energy and industrial shares each advanced 0.8 per cent during Tuesday’s trading session.

Oil settled 1.3 per cent higher at US$83.20 a barrel as markets considered possible supply disruptions connected to continuing tensions in the Middle East and Russia.

Energy companies represent a substantial portion of the Canadian market. Changes in oil and natural gas prices can therefore have a greater effect on the TSX than on some major international indexes.

The energy sector’s performance is also important to Alberta, where oil and natural gas activity supports employment, investment, government revenue and businesses serving the industry.

Utilities were Tuesday’s strongest major TSX sector, rising 1.8 per cent as bond yields declined. Lower yields can make dividend-paying utility shares more attractive to some investors.

Industrial stocks were helped by a 5.9 per cent increase in Air Canada shares after Scotiabank raised its price target for the company.

Pet Valu Holdings shares rose 9.3 per cent after the retailer released quarterly financial results that exceeded market expectations.

Technology shares moved in the opposite direction. The sector declined 1.7 per cent, including a 3.2 per cent drop for Open Text.

The modest overall gain on the TSX came as major U.S. markets moved lower. The S&P 500 fell 0.32 per cent while the Dow Jones industrial average declined 0.34 per cent. The Nasdaq composite dropped 0.6 per cent.

Investors were also waiting for new U.S. inflation figures expected Wednesday. The data could affect expectations for future Federal Reserve interest-rate decisions.

Higher energy costs can place upward pressure on inflation. That creates a mixed outlook for Canadian investors because stronger oil prices can benefit energy producers while increasing costs for consumers and other businesses.