TSX May Open Higher As Oil Prices Provide Support
Canada's benchmark index is set to recover on Monday from sharp losses last week, as oil prices rose despite weak economic data from China.
Stock futures for the September quarter on the S&P TSX index edged up 0.01% recently.
Brent crude rose more than 1% to US$49.24 a barrel, while the WTI went up 0.57% to US$44.12 a barrel. This is despite reports of disappointing trade and factory-price data for July in China, which imply softer demand from the country. Oil investors also seem to have brushed off reports that said OPEC has no plans of convening to discuss reduction in production.
The TSX plunged by 103 points on Friday, led lower by energy stocks.
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