Nov 29 (Reuters) - Canada’s main stock index rose on Thursday, as oil prices reversed course to trade higher, resulting in gains in energy shares.
* The energy sector increased 1 percent, on track to snap a four-day losing streak. Oil prices rose after industry sources said Russia had accepted the need to cut production, along with OPEC members.
* U.S. crude prices were up 1.6 percent and Brent crude added 1 percent.
* At 9:38 a.m. ET (1438 GMT), the Toronto Stock Exchange’s S&P/TSX Composite Index was up 33.92 points, or 0.22 percent, at 15,205.17.
* A recent drop in U.S. crude prices has had a negative impact on Canada’s oil patch with the energy sector down more than 26 percent during the year.
* Also lifting sentiment in Canada’s commodity-linked stock market was a 0.6 percent rise in the materials sector .
* Gold rose after U.S. Federal Reserve Chair Jerome Powell’s comments boosted perceptions the central bank would go slow on interest rate hikes next year.
* Data showed that Canada’s current account deficit narrowed in the third quarter from the second quarter, on lower deficits on goods, services and investment income.
* On the TSX, 149 issues were higher, while 83 issues declined for a 1.80-to-1 ratio favouring gainers, with traded volumes touching 12.10 million shares.
* Leading gains on the TSX were shares of miners. Lundin Mining Corp jumped 7.4 percent, followed by Guyana Goldfields Inc, which rose 5.5 percent.
* Precision Drilling Corp fell 3.1 percent, the most on the TSX, followed by Aphria Inc, down 3 percent.
* The most heavily traded shares by volume were Bombardier Inc, Aurora Cannabis and Lundin Mining.
* The TSX posted one new 52-week high and four new lows.
* Across all Canadian issues, there were three new 52-week highs and 12 new lows, with total volume touching 19.26 million shares. (Reporting by Shreyashi Sanyal in Bengaluru; Editing by James Emmanuel)
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