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TORONTO — Canada’s main stock index climbed slightly higher, helped by gains in the energy sector as the price of oil hit its highest level in 11 months. West Texas Intermediate climbed above US$53 a barrel. "It’s really a remarkable move. WTI bottomed around about $12 in late April of last year," said Giles Marshall, portfolio manager at Fiduciary Trust Canada. Oil prices have been rallying on hopes for increased demand as COVID-19 vaccines roll out. Saudi Arabia has also said it would cut production by an extra one million barrels per day starting next month. Tighter supplies have also been reinforced by a fifth straight week of drawdowns in U.S. stockpiles. The S&P/TSX composite index closed up 51.35 points to 17,985.80. In New York, the Dow Jones industrial average was up 60.00 points at 31,068.69. The S&P 500 index was up 1.58 points at 3,801.19, while the Nasdaq composite was up 36.00 points at 13,072.43. The Canadian dollar traded for 78.46 cents US compared with 78.20 cents US on Monday. Energy was the best-performing sector on the TSX, gaining two per cent with shares of Arc Resources Ltd. up 8.1 per cents while Tourmaline Oil Corp., Whitecap Resources […]
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