Toronto stocks endured rollercoaster session Thursday, but ultimately closed higher, as rising oil prices fuelled a hot resource sector. The S&P/TSX composite index finished up 43.72, or 0.45%, to close at 9,866.57.

Volume on the senior exchange was 271 million shares.

Seven of the 10 TSX main were higher, led by energy stocks, up 1.11%, and materials, up 0.88%. The information technology sector fell 0.87%.

Light, sweet crude rose 57¢to settle at US$55.57 per barrel on the New York Mercantile Exchange, even after OPEC agreed to raise its daily production quota. Shares of Encana Corp. were up 62¢, or 1.72%, to $49.30.

The junior S&P/TSX venture exchange finished up 17.64, or 2.51%, to close at 1,695.16

The Canadian dollar closed up 1.01¢ US to 80.81¢ US as the greenback fell amid lowered U.S. inflation fears and as investors bought the loonie with the fear of an imminent federal election now dissipated.

Bank of Canada Governor David Dodge said Canadian firms are adjusting to the pressures of a changing economy. In a speech to the Winnipeg Chamber of Commerce, Dodge said that stronger foreign competition is forcing domestic firms to find new markets, cut costs and add more value.

In New York, markets ended in positive territory as good economic news was able to outweigh the effect of the rising price of oil.

The blue chip Dow Jones industrial average was up 18.80, or 0.18%, to 10,566,37; the tech heavy Nasdaq advanced 5.88, or 0.28%, to 2,074.92; and the broad based S&P 500 index lifted 2.67, or 0.22%, to 1,206.58.

The U.S. Federal Reserve’s “Beige Book” of regional economic conditions indicated that U.S. economic activity expanded at a decent pace over the last two months, retail sales were mixed, and overall manufacturing picked up.

The U.S. Labor Department reported consumer inflation in May declined by 0.1%, the first decrease in 10 months, caused in large degree by a fall in energy prices that month.