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TSX May Open Higher, Lifted by Oil Prices

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Canada's benchmark index looked set to kick off the shortened trading week with gains, driven by rising oil prices .

Oil was up by around 2%, and Action Economics said High levels of OPEC/NOPEC compliance to agreed production cuts offered support to prices. OPEC's secretary general was cited as saying: "All countries involved remain resolute in the determination to achieve a higher level of conformity."

The market is on the lookout for inventory data from the American Petroleum Institute and the Energy Information Administration, as well as the weekly rig count report.

The TSX shed 25 points on Friday, dragged down by material stocks.

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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.

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