A surge in the shares of Research in Motion, combined with record high oil prices kept Toronto markets in the black Wednesday morning, although off their session highs. U.S. markets were hit by the rise in crude as well as a dire warning from General Motors Corp.

At midday, the S&P/TSX composite index was up 11.94 points (0.12%) at 9721.21 after losing 6.09 points Tuesday. The TSX Venture Exchange was down 8.28 points (0.42%) to 1963.90.

On Wall Street, the Dow industrial average slid 84.61 points (0.79%) to 10660.49, extending Wednesday’s 59-point loss. The Nasdaq dipped 11.60 points (0.57%) at 2023.38 while the Standard & Poor’s 500 index was off 7.17 points (0.60%) to 1190.58.

The Canadian dollar traded at 83.05, up 0.19 of a cent with the U.S. dollar feeling selling pressure after another dismal reading of the U.S. trade picture.

On Bay Street, the S&P/TSX technology sub-groups was ahead by almost 4%, powered by a $13.94 (or 17.2%) jump in RIM shares to $94.90 on news the Waterloo, Ont.-based company had settled a patent dispute with NTP Inc. of Virginia. RIM has agreed to pay US$450 million to the U.S. company. The dispute began in 2002 when NTP claimed that RIM infringed on 16 of its patents, including its radio communications technology.

The TSX energy sector was also up — 0.58% — as crude-oil prices rallied above US$56 a barrel after the Energy Department said gasoline supplies dropped by 2.9 million barrels, and distillate stocks, which include winter heating oil, fell by 1.9 million barrels. Crude for April delivery spiked to a high of US$56.30 a barrel before paring gains to trade up 85¢ at US$55.95.

In New York, investor sentiment, already coping with high oil prices, took another hit when GM cut its first quarter and full-year earnings outlook. The No. 1 carmaker cited weak sales and production volumes in North America, a tougher pricing environment and a more car-based sales mix.

GM shares slid $4.48 (13.3%) to US$29.24. Ford Motor Co. also fell, losing 49¢ (4.01%) to US$11.74, while DaimlerChrysler gave up 74¢ (1.6%) to US$45.37.

Overseas, London’s FTSE 10 index lost 51.7 points at 4,948.5.

Frankfurt’s DAX 30 was off 57.8 points at 4,329.89 while the Paris CAC 40 slipped 37.94 points at 4,039.8.

Tokyo’s Nikkei Stock Average of 225 selected issues rose 52.09 points (0.4%) to 11,873.18.

Hong Kong’s Hang Seng Index rose by 15.77 points (0.1%) at 13,832.52.