The price of oil started the day higher as concern grew over supply from Libya. Unrest in the OPEC member state spilled over into an oil depot with 800,000 barrels going up in smoke. The markets in Asia and Europe reacted as the oil price rose and that sentiment led to gains in New York and on the Toronto Stock Exchange. By midday the concern had died down with consensus that low supply from Libya would do little to affect overall oil stocks. The oil sector gained more than 1 per cent though and metals and mining were also leading TSX gains.
The S&P TSX Composite Index closed up 54.67 (0.37 per cent)
The NYSE closed flat
Oil is trending higher
Gold is trending higher
The loonie is up against the US dollar