TSX Rallies As Oil Snaps Back, Miners Soar

(RTTNews) - Canadian stocks rallied Monday, erasing early losses as crude oil prices rebounded.

Signs that China's economy is picking up helped mining stocks soar, while energy and banking shares were also positive.

The S&P/TSX Composite Index was up 82.62 points, or 0.61 percent, to 13,719.82.

Crude oil prices recovered even after oil producers failed to hammer out a deal in Doha to freeze output.

Prices moved up from their overnight lows as the Kuwaiti oil workers went on strike, limiting supplies from the Middle Eastern nation.

U.S. crude settled 58 cents lower, or 1.4 percent, at $39.78, after sliding below $38.