At midday: TSX jumps as surge in oil prices boosts energy sector [Toronto Globe and Mail (Ontario, Canada)]
Gilead Sciences, Inc. (GILD)
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Source: Toronto Globe and Mail
At midday: TSX jumps as surge in oil prices boosts energy sector Canada’s main stock index rose to a seven-week high on Wednesday, buoyed by a rise in oil prices and easing of coronavirus-driven lockdowns in some countries. At 12 p.m. ET, the Toronto Stock Exchange’s S&P/TSX composite index was up 358.45 points, or 2.42%, at 15,156.74. The energy sector climbed 8.2% as oil prices surged on Wednesday after U.S. crude stockpiles grew less than expected and gasoline posted a surprise draw, adding to optimism for an improvement in demand as some European countries and U.S. cities move to ease coronavirus lockdowns. Crude prices have been under pressure as fuel demand worldwide has dropped by roughly 30%. Major oil producing-nations agreed in mid-April to cut output by nearly 10 million barrels per day, while shale producers and oil majors are also reducing production. Brent crude futures were up $2.07, or 10%, at $22.54 a barrel. U.S. West Texas Intermediate (WTI) crude futures soared $3.
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