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TSX May Open Higher on Oil Price Surge

Canada's benchmark index looked set to open higher on Tuesday, mirroring global market s, as oil and gold prices climbed.

Oil prices were up more than 2% early on Tuesday after the Organization of Petroleum Exporting Countries said January production by its members dropped by 800,000 barrels per day, easing supply fears. The rise in gold prices, on the other hand, came as the US dollar dropped for the first time in eight sessions, as positive expectations for a U.S-China trade talks and an agreement by legislators to avoid another shutdown of the U.S. government.

Meanwhile, BMO Capital said US lawmakers struck a tentative "agreement in principal" to keep the government funded through September. The deal includes just $1.38 billion for border fencing--far less than the $5.7 billion President Trump demanded for a wall.

The TSX lost 64 points on Monday, led lower by healthcare stocks.

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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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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