TSX up sharply as crude lifts beyond US$60

• The Toronto stock market ended higher on Thursday as oil prices bounded above the US$60-per-barrel mark.

The S&P/TSX composite index was 130.78 points higher at 15,203.61, driven by the energy sector, while the loonie was down 0.08 of a U.S. cent at 81.91 cents.

Crude oil prices have been climbing since the U.S. Energy Information Administration said Wednesday inventories had fallen by 2.7 million barrels. As well, U.S. oil production dropped.

Crude oil made its biggest singleday rally in a month on Thursday, rising US$1.74 to US$60.72 a barrel.

On the TSX, the energy sector was the biggest gainer of the day, rising 2.2 per cent. Financials were also ahead, moving up 0.7 per cent, before the start of Canadian bank earnings season next Wednesday. The Bank of Montreal is the first bank scheduled to report.

Gold stocks were lower as June gold fell US$4.50 to end at US$1,204.40 an ounce.

In New York, markets traded in a narrow range in the face of mixed economic news in advance of the U.S. Memorial Day holiday weekend.

The Dow Jones industrial average was relatively flat, rising 0.34 points to 18,285.74, while the Nasdaq rose 19.05 points to 5,090.79 and the S&P 500 advanced 4.97 points to 2,130.82, above its record high close of 2,129.20 on Monday.