Market Update
 

January 20, 2019

 
 
Latest market wrap
 
The close: Canada’s stock market rallies for a second week as crude hits two-month high
  The close: Canada’s stock market rallies for a second week as crude hits two-month high
Canada’s main stock index rallied for a second week as the price of crude rose to its highest level in nearly two months.

 
The S&P/TSX composite index closed up 92.61 points, or 0.6 per cent, at 15,303.83.

 
The energy sector rose 0.75 per cent as oil prices rose about 3 per cent. Suncor gained 2.3 per cent, Encana was up 1.5 per cent and Cenovus Energy gained nearly 1 per cent.

 
Oil prices jumped about 3 per cent on Friday, rising after OPEC detailed specifics on its production-cut activity to ease global oversupply, and on signs of progress in ending the U.S.-China trade war.

 
Brent crude was up $1.52 to settle at US$62.70 a barrel, or 2.48 per cent. U.S. West Texas Intermediate (WTI) crude futures added $1.73 to settle at US$53.80 a barrel, or 3.32 per cent. The futures benchmarks posted their third straight week of gains, rising about 4 per cent since the close since the previous Friday.

 
The Organization of the Petroleum Exporting Countries released a list of oil production cuts by its members and other major producers starting on Jan. 1 2019 to boost confidence in its oil supply reduction pact.

 
 
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