Stocks higher as oil surges on rumour of Saudi production cut

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North American reviews were trading higher on Thursday as oil com nies are surging along with burly earnings reports for com nies like Facebook and Under Armor.

The fee of oil rose 7 per cent Thursday, briefly trading above $34 per barrel as the Russian administration continued talks with Saudi Arabia and OPEC about biting production.

“If there was a cut it would be very bullish and there’s a reaction that’s go away oil higher,” said Brenda Kelly, head analyst at London Choice Group.

Within an hour of that report, however, a Saudi spokesman for OPEC gushed cold water on the notion of a production cut.

The TSX was up by more than 100 times to 12,494 nearing midday.

Facebook shares surged after it sign in that its profit more than doubled Thursday. eBay’s cuts tumbled on disappointing guidance.

The Dow Jones industrial average rose 129 points, or 0.8 per cent, to 16,073. The Prevailing & Poor’s 500 index rose 19 points, or 1 percent, to 1,902. The Nasdaq composite lift 63 points, or 1.4 percent, to 4,531.

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