Wall Street stock futures pointed sharply higher Wednesday as crude-oil prices continued to climb.

Oil prices touched a new high for the year above US$71 a barrel. Benchmark crude for July delivery was up US$1.41 at US$71.42 a barrel.

Data on U.S. crude inventories are due later in the session.

Here at home, Canada posted a small trade deficit with the world of $179 million in April following a surplus of $1 billion in March, Statistics Canada said Wednesday.

Exports fell 5.1% to $30.8 billion in April, mostly due to a 3.2% reduction in prices while volumes decreased 1.9%, the government agency said.

Separately, StatsCan said contractors selling prices of new homes decreased 0.6% in April, compared with a 0.5% decline in March.

The Canadian dollar opened at US90.79¢, up 0.14 of a cent from Tuesday’s close.

South of the border, the U.S. trade deficit widened modestly to US$29.16 billion in April as exports declined and oil imports continued their recent recovery.

Later today, the Federal Reserve’s beige book report, a snap shot of economic conditions across the U.S. will be released.

Overseas, Hong Kong’s Hang Seng surged 727.17, or 4%, to 18,785.66.

Japan’s Nikkei 225 stock average gained 204.67 points, or 2.1%, to 9,991.49.

Europe followed Asian shares higher, with bourses in the UK, Germany and France up nearly 2%.

Inflation in Germany fell to its lowest in 22 years in May as manufacturers’ revenues dropped and business failures increased, the Federal Statistical Office said Wednesday.

The benchmark index of the Toronto Stock Exchange finished unchanged Tuesday as gains in energy shares offset declines in financial and gold stocks.

The S&P/TSX composite index closed at down 1.26 points, or unchanged on a percentage basis, 10,547.86,

The junior S&P/TSX Venture composite index added 12.14 points, or 1.07%, to end at 1,143.96.

In New York, technology shares rose after an improved outlook from Texas Instruments other sectors were flat.

The Dow Jones industrial average dropped 1.43 points, or 0.02%, to 8,763.06. The S&P 500 gained 3.29 points, or 0.35%, to 942.43. The tech-heavy Nasdaq composite index climbed 17.73 points, or 0.96%, to 1,860.13.

IE

Tuesday wrap: Toronto stocks finish flat