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Possible OPEC deal ups oil

Word of a possible deal to freeze oil production among OPEC members sent the price of crude soaring, driving up both the Toronto stock market and the Canadian dollar.

The S&P/TSX composite index climbed 173.39 points to 14,731.43, as energy stocks led the pack.

The November crude oil contract gained $2.38, or 5.3 per cent, to settle at US$47.05 per barrel. The bounce also helped the oil-sensitive loonie climbed 0.54 of a cent, to 76.28 cents US.

The increase in the price of oil came as OPEC countries neared agreement on a preliminary accord to limit oil production and support oil prices, despite lingering disagreements between regional rivals Saudi Arabia and Iran.

Wall Street also saw gains as the Dow Jones industrial average jumped 110.94 points at 18,339.24 and the S&P 500 climbed 11.44 points to 2,171.37. The tech-heavy Nasdaq composite added on 12.84 points at 5,318.55.

In other commodities, December gold contract fell US$6.70 to US$1,323.70 an ounce and November natural gas contracts fell five cents at US$3 per mmBtu. December copper contracts climbed two cents at US$2.18 a pound.



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