TORONTO – North American stock markets rallied and also the loonie neared 76 cents US after a confident outlook for oil prices suggested they may have reached their lowest point.
The International Energy Agency said in a are convinced that oil prices might have “bottomed out.” Boosted through the news, The April contract for benchmark North American crude rose 66 cents to US$38.50 a barrel.
The commodity-sensitive loonie closed up 0.65 of a U.S. cent at 75.58 cents US, after reaching a morning peak of 75.93 cents US. The spike in oil prices also boosted United states stock markets.
On the Toronto Stock Exchange, the S&P/TSX composite index closed up 142.86 points at 13,522.00 for its third consecutive weekly advance.
In New York, the S&P 500 gained 32.62 points to 2,022.19, the Dow Jones industrial average soared 218.18 suggests 17,213.31 and also the Nasdaq rose 86.31 suggests 4,748.47.
Elsewhere in commodities, the April agreement for gas rose three cents to US$1.82 per mmBtu and May copper rose two cents to US$2.24 a pound. April gold fell $13.40 to US$1,259.40 a troy ounce.