Oil breaks through $50 US mark on Russian airstrikes

Oil prices briefly broke through the $50 US mark Thursday afternoon, buoying the Canadian dollar and boosting the energy sector on Toronto's stock market.

West Texas Intermediate crude, the main North American contract, rose four per cent or $1.91 to $49.72 US a barrel.

Brentcrude, the main international contract,was up $1.96 to $53.29, partly as a result of reports of Russian airstrikes in Syria and Iran.

It's the first time since July oil has touched $50.

Oil prices are up more than eight per cent this week, as investors anticipate falling production in the U.S. as a result of lower oil prices. That combined with growing global demand will help wipe out the oversupply of crude.

The loonie responded by rising another quarter of a cent to 76.84 cents US It spiked above 77 cents in late afternoon.

Higher oil gave a boost to the energy sector, pushing the TSX higher for a fifth straight day.

The index rose 110 points to 13,978.

There was a late rally after release of U.S. Federal Reserve minutes that showed how the central bank could delay rate hikes into 2016 because of concerns about inflation and China's economic slowdown.

New York's Dow index rose 138 points to 17,050.