Oil surges and loonie rises but markets muted on new NAFTA deal

Oil surges and loonie rises but markets muted on new NAFTA deal
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TORONTO — The price of oil hit a four-year high and the Canadian dollar rose to its highest level since May, but the reaction of North American markets to a tentative trade deal to replace NAFTA was fairly subdued.

The loonie traded at an average of 78.11 cents US, up from an average of 77.25 cents US on Friday.

The S&P/TSX composite index closed up 31.29 points to 16,104.43.

In New York, the Dow Jones industrial average was up 192.90 points to 26,651.21. The S&P 500 index was up 10.61 points at 2,924.59, while the Nasdaq composite was down 9.05 points to 8,037.30.

The November crude contract was up US$2.05 at US$75.30 per barrel and the November natural gas contract was up 8.6 cents at US$3.09 per mmBTU.

The December gold contract was down US$4.50 at US$1,191.70 an ounce and the December copper contract was down 1.75 cents at US$2.79 a pound.

The Canadian Press

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