Canadian stocks rallied Thursday, extending weekly gains as crude oil prices continued to rise.
March West Texas Intermediate crude rose $1.02, or 3.2%, to $33.32 a barrel on the New York Mercantile Exchange.
Crude oil’s rebound from 12-year lows is due in part to rumors that Russia and OPEC are setting up a meeting to discuss curbing supplies.
The S&P/TSX Composite Index was up 214.16 points, or 1.73 percent, to 12,591.93.
The Energy Index jumped 5.3 percent, taking another big bite out of signficant yearly losses.
Financials rose 2.4 percent, but gold stocks lost 1.9 percent.
Bombardier (BBD.B.TO) has been sued by Comerica over aircraft payments. Shares were down sharply.
Six of 15 rerailed CP Rail (CP.TO) cars splashed into the Mississippi River in Minnesota, some spilling soybean oil. The stock rose 4.2 percent.
Penn West (PWT.TO) is cutting 2016 spending by 90% due to low oil prices. Shares rose 4.6 percent.
Potash Corp. of Saskatchewan Inc. (POT.TO) shares rose 1.3 percent after disappointing earnings and outlook.
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