North American markets are likely to open mixed Wednesday, as oil prices topped US$60 a barrel.

On Tuesday, buoyant oil stocks boosted the S&P/TSX composite index 133.34 points, or 1.34%, to close at 10,075.13, its strongest finish in four-and-a-half years.

Early Wednesday, crude-oil futures surpassed US$60 a barrel, as two tropical storms threatening the Gulf of Mexico raised concerns about natural gas and oil supply disruptions. The front-month New York Mercantile Exchange August crude contract was trading 60¢ higher at US$60.19 a barrel.

In other economic news, the U.S. Institute for Supply Management is due to release the June nonmanufacturing report at 10:00. Economists forecast a reading of 58.2 compared with 58.5 in May. A reading above 50 indicates expansion in the sector.

Here at home, Royal LePage Real Estate Services said house prices in all major Canadian cities continued to rise in the second quarter but the rate of increase eased.

There are no major economic releases from Statistics Canada today.l

In this morning’s business news, Sun Life Financial Inc. announced a $560 million deal for the Hong Kong-based insurance and pension operations of the Commonwealth Bank of Australia.

After the bell Tuesday, Morgan Stanley reported that its new chairman and chief executive, John Mack, received a one-time stock bonus valued at close to US$27 million.

U.S. markets were upbeat on Tuesday, as a positive report from Wal-Mart and good economic news offset the sting from pricier crude.

The blue chip Dow Jones industrial average climbed 68.36 points, or 0.66%, to 10,371.80. The tech heavy Nasdaq gained 21.38, or 1.04%, to 1,204.99, while the broad based S&P 500 index lifted 10.55, or 0.88%, to 1,204.99.