Source: The Canadian Press

The Toronto stock market was poised to open higher Friday as a big jump in oil prices was expected to offset news that Canada’s unemployment rate rose above 8% in August.

Statistics Canada said the jobless rate increased one-tenth of a point to 8.1% last month, although the economy actually created 35,800 net new jobs. Economists had expected the number of unemployed to stay steady at 8%.

Meanwhile, the October crude contract on the New York Mercantile Exchange jumped $1.35 to US$75.60 a barrel as better economic indicators from Japan to the U.S. boosted confidence that demand for fuel will improve.

The Canadian dollar gained 0.23 of a cent to 96.97 cents US, building on a two-day rise that began when the Bank of Canada announced Wednesday that it would raise its key lending rate to 1%.

Futures on Wall Street rose ahead of the opening bell as American investors awaited a report that’s expected to show wholesale inventories and sales rose in July, adding to signs of continued expansion.

Futures on the S&P 500 added 3.9 points to 1,101.5, while Dow Jones industrial average futures gained 25 points to 10,363. On the Nasdaq, futures were up 7.25 points to 1,890.5 ahead of the opening bell.

U.S. stocks have rallied since the beginning of the month as economic indicators have shown mild improvements, although investors are still highly sensitive to bad news.

The December bullion contract lost $8.70 to US$1,242.20 an ounce as investors continued to venture out of the safe-haven investment.

Overseas, Britain’s FTSE 100 rose 0.1%, Germany’s DAX index fell 0.2%, and France’s CAC-40 rose 0.1%. Japan’s Nikkei 225 gained 1.6%, while Hong Kong’s Hang Seng index added 0.4%.