The Toronto Stock Exchange index topped 15,000 for the first time ever, driven largely by record oil prices, but also by record prices for most minerals. Canada's rich resource base and human resource focus on the extraction of these valuable commodities has seen an increasing de-coupling from the US index, the Dow, which historically it has mostly mimicked.

"Canadian energy stocks are just on fire," Robert Kavcic, economic analyst at BMO Capital Markets said yesterday after light crude for June delivery closed up US$1.88 at US$128.93. Black gold hit a record high of US$129.60 earlier in the day.

"There's obviously a lot of global demand for oil and it's not coming out of the ground fast enough."

Just four months ago, the Canadian benchmark was wallowing below 12,000 amid fallout from the liquidity crisis and ensuing credit contraction.

Since Jan. 21, when the broader index hit its most recent low, the energy group has soared by just over 50 per cent, fuelled by oil prices that marched to record highs.

The energy sub-index was 3.1 per cent higher on Tuesday, as crude oil futures kept up that record rise. The July crude contract hit a peak of $129.29 US a barrel, before pulling back to settle at $128.98 US, a gain of $2.26 US from Monday.

Rising gold prices also boosted the TSX. The gold sub-index was up 2.7 per cent on Tuesday as the bullion futures contract for June delivery rose $14.40 US to $920.20 US an ounce.

"I'm cautious," said Rob Callander, portfolio manager with Caldwell Securities. "But the momentum we've got with gold and oil, I think, is going to continue at least over the next few days," he told CBC News.

Oil prices surged more than $3 to a record above $132 a barrel on Wednesday after U.S. data revealed a sharp drop in fuel inventories. U.S. crude was trading $2.82 a barrel higher at $131.80 by 11:04 a.m. EDT, just off a new high of $132.08.

U.S. crude oil stockpiles fell unexpectedly last week amid a slide in imports and an increase in demand from domestic refiners, according to a government report Wednesday.

The report from the Energy Information Administration pushed oil prices on the New York Mercantile Exchange up more than a dollar to $130 a barrel. [

"This report gives the market every reason to rally," said Rob Kurzatkowski, analyst with optionsXpress in Chicago.

Commercial crude stocks fell 5.4 million barrels to 320.4 million barrels, bringing them 6.5 percent below last year's level, the EIA said. The draw countered analyst expectations for a 600,000-barrel build.

The drop came as imports fell by 696,000 barrels per day to 9.24 million bpd, and demand for crude from refiners rose 29,000 bpd to 15.08 million bpd, according to the report.

"The decline in imports and the big rise in refinery runs caused the large stock draw on crude," said Mark Waggoner, president of Excel Futures in Huntington Beach, California.

Gasoline supplies, meanwhile, fell 800,000 barrels to 209.4 million barrels but were nearly 5 percent above last year's level, according to the report. The draw countered analyst expectations of a 700,000-barrel build.

Distillate inventories rose 700,000 barrels to 107.8 million barrels but were 12 percent below last year. The build was less than the expected increase of 1.3 million barrels analysts had projected in a Reuters poll.

Tuesday's record came despite weakness in two of the most influential stocks in the index. Research in Motion shares closed at $137.22, down $3.09 on the day. Potash Corp. stock slid $5.59 to $201.70.