TSX May Open Higher As Oil Prices Rise

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Canada's benchmark index looked set to open higher on Thursday, as oil prices climbed on the back of lower U.S. crude inventories, although materials may limit the advance, with gold and silver under pressure from a firm dollar.

Reports said U.S. crude oil inventories fell by 5.6 million barrels to 448.1 million barrels in the week to Dec. 1. Gasoline stocks, however, grew by 6.8 million barrels to 220.9 million barrels, according to the U.S. Energy Information Administration's report.

Meanwhile, the U.S. currency shrugged off data that showed U.S. initial jobless claims dipped 2,000 to 236,000 in the Dec. 2 week after slipping 2,000 to 238,000 in the Nov. 25 period.

The TSX shed 5 points on Wednesday, dragged down by materials, healthcare, and energy stocks. Scotiabank in its morning note said US equity futures were little changed as Nasdaq futures led the way with a 0.25% rise while US other indices were little changed. TSX futures were up 0.3%. European equities were slightly positive on balance across the main bourses.

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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