TORONTO (Bloomberg) - Canadian stocks fell a fourth straight day, for their longest losing streak since January, as the Royal Bank of Canada led a decline in finance shares and industrial companies slid, outweighing gains by energy producers.

Royal Bank and Manulife Financial Corp., the country's biggest insurer, retreated on expectations borrowing costs may rise around the world. Canadian National Railway Co. led industrial shares lower on speculation that its profit may be hurt by record fuel prices.

Canadian Natural Resources Ltd. and Suncor Energy Inc. advanced as crude oil rebounded as much as $6 a barrel in New York after tumbling on Tuesday. The Standard & Poor's/TSX Composite Index fell 0.1 percent to 14,716.52 in Toronto. The Canadian benchmark fell five consecutive days through to January 21, the day the S&P/TSX slipped to a 19-month low.

"It's hard not to buy into the energy story when oil's up six bucks," said Gareth Watson, associate director at ScotiaMcLeod's portfolio advisory group, which oversees about $65 billion in Toronto. "But the increase in crude prices has been too high, too quick. Volatility will continue throughout the summer."

Royal Bank, Canada's biggest lender by assets, retreated 2.5 percent to C$48.30. Smaller rival Bank of Nova Scotia slid 1.7 percent to C$50.17. Manulife fell 1.4 percent to C$38.

Canadian National Railway, the nation's largest railroad, dropped the most in 11 months, falling 4.3 percent to C$50.28. Rival Burlington Northern Santa Fe Corp. was rated "short-term sell" by UBS AG analysts, who said that the second-largest US railroad may cut its profit forecast on rising fuel prices.

Canadian Pacific Railway Ltd. fell 3.3 percent to C$65.34.

The Bank of Canada surprised economists by holding its key borrowing rate steady at three percent on Wednesday. Traders anticipate the US Federal Reserve will keep its benchmark rate at two percent in June and may raise it in August, futures prices show. A week ago, traders didn't expect an increase until December.

The Reserve Bank of India unexpectedly raised interest rates for the first time in 15 months today, joining a global wave of monetary tightening to combat a surge in inflation sparked by food and energy costs.

Forzani Group Ltd. fell the most in more than four years, dropping 10 percent to C$14.80. Canada's biggest chain of sporting- goods stores was the leading decliner in the S&P/TSX today after reporting an unexpected first-quarter loss and a decline in sales at stores open at least a year.