TSX Back Near 16,000 As Energy Improves -- Canadian Commentary

(RTTNews) - The Canadian market was in a better mood Friday as oil prices showed a strong move back to the upside.

The TSX Composite Index was up 63 points or 0.4 percent to 15,998,57, trimming this week's losses. The index topped 16,000 for the first time ever earlier this month.

Energy stocks added 0.4 percent. Crude oil for December delivery jumped $1.41 to $56.55 a barrel after dipping $0.19 to $55.14 a barrel on Thursday.

The rebound by the price of crude oil was partly due to news of an oil leak in South Dakota that led TransCanada (TRP.TO) to shut part of its Keystone pipeline system. Transcanada shares were down 1 percent.

5,000 barrels of oil leaked from TransCanada's Keystone pipeline yesterday in South Dakota, just as Nebraska's Public Service Commission prepares to votes on whether approve the controversial project.

Looking ahead, OPEC meets in Vienna on November 30th and will likely extend its supply quota plan with Russia.

The Consumer Price Index rose 1.4% on a year-over-year basis in October, following a 1.6% increase in September.

On a seasonally adjusted monthly basis, the Consumer Price Index was up 0.2% in October, matching the increase in September.

With inflation cooling, the Bank of Canada is expected to continue its relatively accommodative monetary policy.