TSX Jumps 210 Points, Led By Oil Stocks -- Canadian Commentary

(RTTNews) - Canadian stocks rebounded Tuesday, with significant strength emerging in the energy sector on higher crude oil prices.

The S&P/TSX Composite Index rose 211.35 points, or 1.5 percent, to 13,775.19.

There are hopes that Canadian oil sands companies will quickly get back to normal after a devestating wildfire torched Alberta's Ft. McMurray.

Meanwhile, the US Energy Information Administration hiked its 2017 projection for crude oil prices and production.

The average price will be $50.65 a barrel next year, up sharply from the previous estimate of $40.58, the EIA said.

In other news from the energy sector, Kuwait confirmed its plan for record oil production at 4 million barrels a day.

In corporate news, Enbridge Inc. (ENB, ENB.TO) has acquired a 50% interest in Eolien Maritime France SAS, a French offshore wind development company, for C$282 million.

Enbridge stock was up 3.5 percent.

Japan's Idemitsu and AltaGas have suspended a Canadian LNG project amid low nat gas prices.