Oil prices surged almost 6 per cent Wednesday and gave energy stocks on the Toronto Stock Exchange a welcome lift. The oil surge followed the largest drawdown on the US stockpile for 7 months.
Global sentiment was higher even before the rise in oil prices as expectation grows that Beijing will increase its stimulus measures for China’s economy. The main Shanghai index was up almost 5 per cent.
European markets closed higher too as oil prices increased and joined Wall Street’s anticipation of the Fed’s interest rate decision Thursday.
The S&P/TSX Composite Index closed up 301.1 (2.24 per cent)
The Dow Jones closed up 140.1 (0.84 per cent)
Oil is trending higher (Brent $49.89, WTI $47.22 at 4.40pm)
Gold is trending higher (1119.10 at 4.40pm)
The loonie is valued at U$0.7586