Crude oil prices were near $46 after Russian Federation warned the global oil market might not balance out until the first half of 2017.
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The Toronto Stock Exchange’s S&P/TSX composite index .GSPTSE was up 86.69 points, or 0.64 percent, at 13,650.53, shortly after the open.
Nigeria said militants have curbed the country’s oil output by about 30 percent while Canadian oil-sands producers are starting the process of resuming operations after wildfires around Fort McMurray in Alberta disrupted production in the past week. Crescent Point Energy Corp. jumped 4.8 percent for a third day of gains.
Precious metal prices were also squeezed amid reports that China’s exports fell by 1.8 per cent in April from a year earlier and imports plunged 10.9 per cent, with both coming in lower than forecast by analysts.
Five of the index’s 10 main groups ended higher.
Barrick Gold lost 44 cents, or 1.86 percent, to 23.27 Canadian dollars, while First Quantum Minerals retreated 49 cents, or 5.31 percent, to 8.74 Canadian dollars to lead base-metals producers lower.
Spot gold was up 0.8 percent at $1,276.68 an ounce as the US dollar and global shares fell.
Spot gold fell 1.7 per cent, while copper hit its lowest in almost a month as weak trade data from top consumer China highlighted poor demand growth prospects and the dollar rose after a Fed official kept rate hike expectations intact. Volume was in line with the 30-day average at this time of the day.
The index has increased for 12 consecutive months, largely driven by higher new housing prices in Ontario and British Columbia.
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Energy stocks added 0.3 percent, while mining shares eased 0.7 percent. One quarter of real estate advisors with Royal LePage say 25 percent of luxury homes in key Canadian markets are being snapped up by foreign buyers.
