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Energy stocks help lift S&P/TSX composite Tuesday as oil tops US$70 a barrel

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Gains in energy and battery metals helped lift Canada's main stock index higher Tuesday as the price of oil also rose above US$70 a barrel.

The S&P/TSX composite index was up 49.58 points at 20,204.87, while U.S. stock markets were closed for the Independence Day holiday.

Oil has been trading for weeks in a range between the high 60s and low 70s, he said, and Tuesday was no exception as the price of oil has climbed back above US$70 a barrel. “Whether or not Russia and Saudi Arabia follow through on that remains to be seen, but yes, it's definitely … having a bit of an impact on the energy price today,” said Archibald.

The rest of the week will see employment data coming out in the U.S. and Canada, which will help inform upcoming interest rate decisions by the central banks, said Archibald. Meanwhile, earnings season is on the horizon as investors eye U.S. firms' second-quarter reports amid a slowing economy.

 

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