TSX May Open Higher on Oil Price Hike
Canada's benchmark index may kick off the week on a positive note, boosted by higher oil prices . Stock futures for the December quarter on the S&P TSX index were up 0.08% recently.
Oil prices were higher on Monday after Russia reportedly expressed its willingness to discuss with OPEC about the market after declining to cooperate with the oil cartel. Also helping sentiments was the slowdown in drilling activity, with rig count in the U.S. falling for the fifth straight week, according to data. Brent crude was last up 1.52% at US$48.86/barrel, while the WTI crude rose 1.23% to US$46.10/barrel.
The U.S. dollar was also softer on fading expectations of a rate hike, benefiting silver and copper prices . At last check, copper edged up 0.82% to US$2.3445/barrel, while silver was up 1.52% to US$15.495/ounce.
The TSX rallied 97 points at closing on Friday, with mining and energy as the strongest sectors.
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