More Oil Hits High for the Year Crude oil for Catherin delivery jumped $1.94 to $55.78 a barrel in New York today as optimism that demand is once again on the increase prompted investors to turn their attention to oil and energy stocks. More Canadian Dollar Gains on Oil and Jobs Data The Canadian dollar gained 0.3 percent on the US dollar rising to C$1.1716 per US dollar at 2:00 PM today in Toronto.

Bank of America gained more than 18 percent to $12.84 a share, while Citigroup avie more than 17 percent to $3.88. More Bank Stocks Continue Winning Ways Just one day prior to the public release of the bank stress tests, bank stocks continue to give Wall Street a boost. Speculation of ECB Rate Cut Drags Down Euro The euro lost 0.2 percent to the dollar by 2:00 PM in New York today as speculation grows that the European Central Bank will cut interest rates tomorrow.

The Canadian dollar is closely linked to oil prices and this - together with new employment data due expected to show the staffard of job losses is slowing - has helped the Canadian dollar strengthen to a six-month high.