Canadian Stocks, Crude Oil Surge To 3-Month Highs -- Canadian Commentary

(RTTNews) - Canadian stocks rallied along with crude oil prices Friday, ending another strong week with gains in a variety of key sectors.

The S&P/TSX Composite Index jumped 148.86 points, or 1.07 percent, 13,522. The index has risen 10 of 12 sessions.

Both crude oil and Canadian stocks are at their highest in three months, thanks to a furious rally that began a few weeks ago.

Crude oil prices were up 7.2 percent this week, nearing $39 a barrel.

The number of total active U.S. oil rigs dropped to the lowest weekly level on record, Baker Hughes said.

Meanwhile, the IEA said oil prices have bottomed due to lower output from the US and other non-OPEC producers.

Non-OPEC output will fall by 750,000 barrels per day (bpd) in 2016, compared to its previous estimate of 600,000 bpd, the IEA said in its monthly report.

The gauge of Canada's energy stocks rose 2.3 percent, while banking stocks added 1.4 percent.

Gold shares lost 2.3 percent amid diminished appetite for safe haven bullion.