North American stocks look ready to open higher Thursday amid a pullback in crude-oil prices and hopes of strong U.S. retail sales growth for April.

U.S. same-store sales for April are expected to climb, both because of the timing of the Easter holiday as well as robust consumer demand.

The value of building permits issued by Canadian municipalities rose 5.3% in March to reach their second highest level on record, Statistics Canada said today.

Builders took out $5.5 billion worth of permits. While construction intentions remained high in the housing sector, the strong showing came largely from planned investments in non-residential building construction.

The Canadian dollar opened at US89.85¢, down 0.39 of a cent.

On Wednesday, Bank of Canada governor David Dodge said interest rates may have to rise further to cool the economy.

Oil prices extended losses Thursday after a big drop the previous day that was caused by U.S. government data showing higher gasoline supplies. Light sweet crude for June delivery sank 24¢ to US$72.04 a barrel in Asian electronic trading on the New York Mercantile Exchange.

In earnings news, Suncor Energy Inc. said its first-quarter profit soared to $713 million from a year-earlier $67 million on higher oilsands production, rising oil prices and big fire insurance gain.

Canadian Natural Resources Ltd. reported a first-quarter profit of $57 million, reversing a year-ago loss, but said it will reduce its natural gas drilling plans by 13% this year.

Barrick Gold Corp. reported late Wednesday thata its first-quarter profit jumped to US$224 million, from US$66 million in the same period a year ago, boosted by strong metal prices and gains made from the acquisition of Vancouver-based miner Placer Dome.

Overseas, Hong Kong’s blue-chip Hang Seng Index fell 13.05 points, or 0.08 per cent, to 17,013.93.
The Canadian dollar opened at 89.85 cents US, down 0.39 of a cent.

Japanese markets were closed for a national holiday. The markets were to remain closed Friday for Children’s Day, a public holiday. Regular trading will resume on Monday.

Toronto stocks retreated Wednesday, as lower crude oil prices led to a drop in the energy sector.

The S&P/TSX composite index fell 78.31, or 0.64%, to 12,196.15.

The S&P/TSX Venture Exchange index fell 25.64, or 0.82%, to 3,114.68.

In New York, markets were cheered by lower oil prices, but concern remained about the prospect of further rate hikes from the U.S. Federal Reserve.

The Dow Jones Industrial Average was down 16.17 points at 11,400.28, the Nasdaq Composite Index fell 5.87 points to 2,303.97. The S&P 500 Index dropped 5.36 points at 1,307.85.