Oil price rally pushes TSX higher

Oil price rally pushes TSX higher

Oil price rally pushes TSX higher A rally in the oil price has pushed the Toronto Stock Exchange to triple-figure gains today. Signs that the output from US oil producers was beginning to slow together with refinery strikes there have helped the benchmark price of Brent Crude move closer to $50. Canadian Oil Sands was one of the winners on the TSX with stocks climbing around 25 per cent this morning. Eight of the ten sectors on the index gained. This was despite new data showing weaker factory activity in Canada in January.

The S&P/TSX Composite Index closed up 226.99 (1.55 per cent)

The NYSE closed higher

Oil is trending higher ($49.79 at 4pm)

Gold is trending lower

The loonie is trending lower ($0.7950 at 4pm)