Middle East Tensions Overshadow Oil Rally -- Canadian Commentary

(RTTNews) - Canadian stocks were flat Wednesday despite surging oil prices, as concerns about a U.S.-Russia conflict bothered Bay Street.

The TSX Composite Index dropped 4.24 points to 15,257.90.

Crude oil has skyrocketed to its highest prices since 2014. WTI light sweet oil jumped $1.31, or 2%, to settle at $66.82/bbl. Tensions in the Middle East, particularly over bombings in Syria, have boosted oil prices this week.

Alberta Premier Rachel Notley says the province will buy the Trans Mountain oil pipeline project outright. Her comments were in reaction to BC's reluctance to have the pipeline on environmental worries.

"We are considering a number of financial options to ensure that the Trans Mountain expansion is built, up to and including purchasing the pipeline outright if were to come to that," Notley said in the statement Tuesday. "But it is not the only model we're considering."

Aurora Cannabis Inc.(ACB.TO) has won a contract with Société Des Alcools Du Québec To Supply Cannabis marijuana. Shares rose fractionally.

Marijuana stocks will be in focus this week after former U.S. speaker John Boehner joined the advisory board of U.S. cannabis producer Acreage Holdings.

Industrial Alliance Insurance and Financial Services Inc.(IAG.TO) has acquired ABEX Brokerage.

Cineplex (CGX.TO) announced layoffs as part of its overall plan to reduce about $25 million in costs annually.

June gold settled at $1,360/oz, up $14.10, or 1.1%, the highest since late January.