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TSX May Open Higher As Oil Prices Rise

Canada's benchmark index looked set to open higher on Thursday, with oil prices hitting record highs.

Stock futures for the March quarter on the S&P TSX index were up 0.1% recently.

Action Economics said oil prices are still showing a net 0.2% gain on the day, despite the 40-odd-cent decline from the highs. The market has been in process of pricing in a ramped-up level of geopolitical risk following the anti-government protests in OPEC member Iran, which has more than offset any concerns about prospects for rising U.S. crude supply. This has come with global crude inventories have de-bloated to near five-year average levels. Regarding Iran, so far there are no reports of there being any consequential supply disruptions.

The TSX gained 61 points on Wednesday, hitting another record high, with energy and healthcare stocks leading the advance.

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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