Crude oil futures closed above $56 per barrel Wednesday as inventory numbers indicated storage levels might be leveling off. NYMEX light sweet crude (June delivery contract) settled up $2.50 at $56.34 a barrel, while Brent crude finished $2.03 higher @ $56.15 / bbl. Today's closing price was the highest since November 14, 2008.
Natural gas futures also were up on the day, rising 27 cents (7.5%) to close at $3.88 per Million BTU. It was the largest single day gain for gas in nearly two months.
Meanwhile the Toronto stock market also rallied on the price of oil. The TSX composite rose 265.7 pts to finish the day @ 10,146.4, marking the first time since the beginning of November 2008 the market has closed above the 10,000 level. The Canadian dollar finished the day up 75 basis points at 85.78 cents US.
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