* TSX ends up 0.3% at 20,331.54
* For the week, the index falls 0.6%
* Canadian Western Bank rallies on earnings beat
Dec 8 (Reuters) - Canada's main stock index edged higher on Friday as higher oil prices bolstered energy shares and investors assessed the latest U.S. jobs data for clues on the next steps by the Federal Reserve.
The Toronto Stock Exchange's S&P/TSX composite index ended up 53.03 points, or 0.3%, at 20,331.54. For the week, the index was down 0.6%, giving back some recent gains.
U.S. benchmark the S&P 500 also rose following a strong U.S. jobs report that fueled investor optimism about a soft landing for the economy.
"Payroll gains were inflated by returning strikers in November, but the underlying pace of job growth has slowed in recent months," Nancy Vanden Houten, lead U.S. economist at Oxford Economics, said in a note.
"That's encouraging for the Fed, which has likely ruled out further rate increases."
The Toronto market's energy sector added 1.5% as Saudi Arabia and Russia lobbied OPEC+ members to join output cuts, in a move that helped oil claw back some recent declines. U.S. crude oil futures settled 2.7% higher at $71.23 a barrel.
Technology also rose, gaining 0.8%, and heavily-weighted financials climbed 0.7% as Canadian Western Bank beat earnings estimates. Its shares ended up 2.9%.
The materials group, which includes precious and base metals miners and fertilizer companies, was a drag. It lost 0.5 as gold prices fell. (Reporting by Shashwat Chauhan in Bengaluru; Editing by Tasim Zahid)
