The TSX looks headed for another day of losses after global benchmark Brent tumbled, hurt by Saudi Arabia's statement that production cuts are unlikely.
Reports said a meeting among OPEC and non-OPEC producers is being planned for March to discuss Saudi Arabia and Russia's proposal of keeping production unchanged at January levels. Saudi Oil Minister Ali al-Naimi, however, noted that output cuts wouldn't happen.
Adding more pressure, industry group American Petroleum Institute reportedly revealed Tuesday that crude inventories rose by 7.1 million barrels last week. The market is on the lookout for the Energy Information Administration's report at 10:30am ET today.
The TSX shed 82 points at closing on Tuesday, with energy and financials leading the decline.
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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
