TSX Set for Strong Start As Oil Prices Rise

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Canada's benchmark index looked set to start the Wednesday session in the positive territory, boosted by rising oil prices .

Oil prices were higher early on Wednesday as Saudi Arabia said it would further cut production by 500,000 barrels per day in March to support the price of the commodity after bearing the brunt of 800,000 bpd of cuts by OPEC last month. Word that trade talks between the United States and China were progressing well also supported.

Meanwhile, BMO Capital said US President Donald Trump sounded somewhat upbeat about a trade deal with China and signaled flexibility to let the March 1 tariff deadline "slide."

Investors will keep an eye on Barrick Gold (ABX.TO), Teck Resources (TECK-B.TO), and Cenovus Energy (CVE.TO), which reported quarterly earnings.

The TSX rose 73 points on Tuesday, with energy stocks leading the advance.

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