Crude gains 9% amid surprise OPEC deal

Canada's main stock index hit a near 18-month high Wednesday

Energy is the biggest gainer, up 2.06%, on higher oil prices.

"A lot of these nations are - let's face it - distressed. there might be some cheating but the cuts are so diversified across so many nations that it probably won't.be very meaningful".

The optimism drove the commodity-heavy S&P/TSX composite index in Toronto up 83.04 points at 15,082.85, with the energy sector recording the largest rise, surging by almost eight per cent.

The Organization of the Petroleum Exporting Countries says its 14-member group will collectively scale back a total of 1.2 million barrels to a daily output of 32.5 million a day starting in the new year. Crude oil is now at US$50.68, on rising hopes after OPEC announced a deal.

According to Reuters' source, the OPEC debate now focuses on an output reduction of 1.4 million barrel per day, larger than expected.

Yie said the days of US$100 oil is over, but at least limiting supply can help offset some of the price pain.

The loonie also gained after data on Wednesday showed that the economy accelerated in the third quarter at its fastest pace in more than two years as it benefited from a rebound in oil exports, cementing expectations that the Bank of Canada will keep interest rates steady next week. "They're still very relevant, especially after yesterday, when no one thought they were a functional group but now it seems they're able to come to a consensus which is extremely powerful".

The yield on the benchmark 10-year bond, which moves inversely to its price, rose 4-1/2 basis points to 1.55 percent, the yield on long-term 30-year Treasury inched 3-1/2 basis points to 2.12 percent and the yield on short-term 2-year bond bounced 1-1/2 basis points to 0.69 percent by 12:50 GMT. December copper contracts were down seven cents at US$2.59 a pound.

The Canadian dollar was at 75.01 cents United States, up 0.54 of a USA cent from Thursday's close.

In New York, the Dow Jones industrial average added 68.35 points to 19,191.93, hitting a new record. The Nasdaq composite fell 53.68 points to 5,326.24.

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