Commodities
Canadian Energy Stocks Climb to First Record Since 2008
A pair of pumpjacks in an oil field near Pigeon Lake, Alberta.
Photographer: Norm Betts/Bloomberg
Canadian energy shares had their first record close in nearly eighteen years, helped by rising oil and natural gas prices and a return of investor interest in the sector.
Oil surged this week as traders weighed whether US-Iran talks will be enough to head off conflict after a report suggested US military intervention could come sooner than expected. The S&P/TSX Composite Energy Index rose 1.8% on Thursday, leading the group to an all-time high for the first time since June 2008. The index is up 19% this year, versus a 5.9% advance for the S&P/TSX Composite Index.