Stock markets in Toronto and New York were solidly higher in early Monday trading as crude oil jumped by six per cent and metals prices surged.
The S&P/TSX composite index was up 143 points, or 1.1 per cent, to 12,956 at 10:15 a.m. ET. Every sector except health care was up, led by energy stocks.
Crude oil futures soared $1.92 to $33.67 US a barrel on talk of an output freeze led by Russia and Saudi Arabia.
"You've seen oil rebound today, which people are viewing very much as a kind of a green flag in the short-term to take on risk again to a certain degree," said James Abate, chief investment office of Centre Funds in New York.
The rise in oil came despite a report from the International energy Agency which forecast that oil prices would not see any substantial rebound until at least 2017 with the supply glut expected to continue.
The Canadian dollar, which often moves in tandem with the price of oil, was up more than half a cent to 73.16 cents US.
The Dow Jones industrial average was up 204 points, or 1.3 per cent, to 16,595.
Base metal prices were up after a rise in China's steel industry raised the prospect of a revival in metals demand, given that China is the world's biggest consumer of metals.
But gold, which has been rallying lately as a perceived safe haven, slipped $18.40 to $1,212.40 US an ounce as investors felt comfortable about accepting more risk.
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