TORONTO -- Oil prices rallied and Canada's biggest stock market strengthened amid growing prospects that OPEC members will reach a deal on capping oil production later this month.
In Toronto, the S&P/TSX composite index gained 157.65 points, or one per cent, at 14,756.10.
U.S. markets were also in positive territory, with the Dow Jones industrial average climbing 54.37 points to 18,923.06, ahead for a seventh straight session and to another record close.
The S&P 500 advanced 16.19 points at 2,180.39, while the Nasdaq composite also grew by one per cent, rising 57.23 points to 5,275.62.
On the commodity markets, the December crude oil contract spiked more than five per cent, adding $2.49 to US$45.81 per barrel, following a report that energy ministers from Saudi Arabia and Russia were set to meet this week to talk about a potential cap on crude production.
The December gold contract rose $2.80 at US$1,224.50 an ounce and the December copper contract fell two cents at US$2.51 per pound.
December contracts for natural gas lost four cents at US$2.71 per mmBTU.
The Canadian dollar gained 0.57 of a U.S. cent at 74.37 cents US.
