TSX closes above 14000 for first time since August on rising oil

TORONTO — Canada’s main stock market has closed at its highest level in more than nine months, fuelled by gains in energy and bank stocks.The S&P/TSX composite index in Toronto racked up 100.89 points to settle at 14,053.74.The last time it closed above the 14,000 mark was on Aug. 19, 2015.The Canadian dollar also found strength, adding 0.72 of a cent to end the day at 76.79 cents US.The uptick came after the Bank of Canada announced it was holding its key interest rate steady and a report that showed a decrease in U.S. oil stockpiles, which helped lift crude prices.The July crude contract was up 94 cents at US$49.56 a barrel, while July natural gas gained four cents at US$2.18 per mmBTU.The June gold contract fell $5.40 to US$1,223.80 an ounce and July copper contracts rose four cents to US$2.10 a pound.On Wall Street, the Dow Jones industrial average soared 145.46 points at 17,851.51, the broader S&P 500 composite index advanced 14.48 points to 2,090.54 and the Nasdaq composite gained 33.83 points to 4,894.89. read more

Crude oil briefly surges past US112 a barrel as tensions escalate over

by Pablo Gorondi, The Associated Press Posted Aug 28, 2013 10:24 am MDT The price of oil briefly surged past US$112 a barrel Wednesday before giving up most of its gains while the U.S. seemed to edge closer to intervening in Syria’s civil war.The UN’s special envoy to Syria, Lakhdar Brahimi, said Wednesday in Geneva that there was evidence that some kind of chemical “substance” had been used in an attack that may have killed more than 1,000 people near Damascus.Brahimi also said that any military strike against Syria needed to gain approval from the 15-member UN Security Council.U.S. Defence Secretary Chuck Hagel said Tuesday that American forces were ready to act on any order by President Barack Obama to strike Syria in response to the alleged use of chemical weapons in the conflict.By early afternoon in Europe, West Texas Intermediate crude for October delivery was up 97 cents to US$109.98 a barrel in electronic trading on the New York Mercantile Exchange. Earlier in the session, oil rose as high as US$112.24.On Tuesday, the Nymex contract jumped $3.09 to close at US$109.01 a barrel. Still, the price remains far below its record close of US$145.29 a barrel, reached on July 3, 2008.The price of oil is has surged more than 15 per cent in the last three months on concerns over the civil war in Syria and unrest in Egypt. Neither country is a major oil exporter, but traders worry that the violence could spread to more important oil-exporting countries or disrupt major oil transport routes.“Syria’s political-economic-military links to Iran, Hezbollah and Russia underline the threat of unintended chain-reaction resulting in wider regional instability. Threat of supply disruption is not insignificant,” said Vishnu Varathan of Mizuho Bank Ltd. in Singapore in a market commentary.Other analysts, however, said the developments in Syria were being used as an incentive to reconsider the status of the global oil markets — with other factors accounting for rising prices.A report from JBC Energy in Vienna said there was a “clear risk of an overreaction in the current situation,” especially as Syria was only producing around 70,000 barrels of oil a day. Instead, it pointed to Libya’s export cuts of at least one million barrels a day due to production outages and labour conflicts at shipping ports as a more probable price driver.When Libya’s oil production stopped completely during the revolution in 2011, oil rose by $20 a barrel over the span of two weeks.While reports of ample global supplies were recently the norm, JBC Energy said current developments — such as low spare capacity in Saudi Arabia, stockpiles falling in the U.S., disappointing supply developments around the world and signs of an improving global economy — pointed to tighter markets.“In sum, there are surely risks to the upside of oil prices, but they have not much to do with Syria, which has only been a catalyst for reassessing markets,” JBC said.Brent crude, the benchmark for international crudes, was up $1.20 to US$115.56 a barrel on the ICE Futures exchange in London.In other energy futures trading on Nymex, heating oil added 2.79 cents to US$3.1935 a U.S. gallon (3.79 litres), wholesale gasoline rose 3.73 cents to US$2.95 a gallon and natural gas lost 1.4 cents to US$3.52 per 1,000 cubic feet.(TSX:ECA), (TSX:IMO), (TSX:SU), (TSX:HSE), (NYSE:BP), (NYSE:COP), (NYSE:XOM), (NYSE:CVX), (TSX:CNQ), (TSX:TLM), (TSX:COS.UN), (TSX:CVE) Crude oil briefly surges past US$112 a barrel as tensions escalate over Syria AddThis Sharing ButtonsShare to TwitterTwitterShare to FacebookFacebookShare to RedditRedditShare to 電子郵件Email read more