TSX Jumps Nearly 300 Points As Oil Rebounds -- Canadian Commentary

(RTTNews) - Canadian stocks rallied Friday, taking back some of this week's brutal losses as crude oil prices rebounded.

The S&P/TSX Composite Index rose 293.87 points, or 2.4 percent, to 12,381.24, staying away from January's 3-year lows.

Energy stocks rose 3.4 percent, financials gains 3.6 percent, and base metals stocks skyrocketed 10.8 percent.

Gauges of all major sectors were in the green.

WTI crude oil jumped 12.3% for the session, but still ended the week 4.7% lower.

United Arab Emirates energy minister Suhail Al Mazroui was quoted that OPEC was "ready to cooperate" with exporters over output reductions.

March West Texas Intermediate crude jumped $3.23 to $29.44 a barrel on the New York Mercantile Exchange today.