The TSX is up 150 points this morning with all sectors bar utilities and healthcare, positive.
Miners are the biggest gainer, up 2.74% followed by Energy which is up 2.21%. Commodities and crude oil are all showing gains this morning.
Action Economics ( AE ) said oil firmed on the back of much stronger China manufacturing PMI data (which came in at 51.9, up from November's 50.9) and reports from OPEC members Kuwait and Oman, which announced production cuts of 130,000 barrels per day and 45,000 barrels per day, respectively. AE cautioned that it remains to be seen how closely OPEC and non-OPEC producers adhere to agreed output cuts. Nigeria and Libya are not bound by production limits. In addition, U.S. shale production could come back on line quickly, offsetting any OPEC cuts.
Crude oil is now at US$54.94.
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