NYMEX crude oil closed at the highest level since November following a job forecast report showing fewer US job cuts. Traders took this as a signal that the worst of the recession has passed and fuel demand may rebound.
Crude oil contracts (June delivery) closed out the week at $58.70 / bbl, a 10% rise from last week.
Natural gas futures also finished the week with strong gains, closing at $4.25 per million BTU, up $0.27 on the day.
Meanwhile the Toronto Stock Exchange's S&P/TSX composite index marked its highest close in more than six months on Friday, closing the day @ 10,238.0. Nine of ten sectors closed higher as the exchange closed up 7.8% on the week.
The TSX, while still off over 30% from the highs of 2008, is up over 36% from just a couple of months ago.
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