Oil hits $45 US, pulling TSX higher

Oil resumed its rapid climb on Friday, punching through $45 US a barrel and giving a boost to the Toronto stock market. West Texas Intermediate, the most important North American futures contract, was up 7.1 per cent at midday at $45.58 US a barrel. Investors were cheered by oil's rapid recovery and bought up Canadian energy stocks, pushing the TSX up 60 points at 13,826.