05/21/2015 16:19 EDT | Updated 05/21/2016 01:12 EDT

Toronto market closes higher as oil futures rise above US$60 a barrel

TORONTO - The Toronto stock market ended higher as oil prices bounded above the US$60-per-barrel mark.The S&P/TSX composite index was 130.78 points higher at 15,203.61, driven by the energy sector.Crude oil prices have been on the upswing, driven by inventory figures released Wednesday that showed a decline of 2.7 million barrels.The July contract for crude made its biggest single-day rally in a month, rising $1.74 to US$60.72 a barrel on the New York Mercantile Exchange.On Wall Street, the Dow Jones industrial average was relatively flat, rising 0.34 of point, to 18,285.74, while the Nasdaq rose 19.05 points to 5,090.79 and the S&P 500 advanced 4.97 points to 2,130.82, above its record high close of 2,129.20 on Monday.The loonie was down 0.08 of a U.S. cent at 81.91 cents.