TSX May Open Higher As Oil Recovers
Canada's benchmark index looked set to open higher on Thursday, lifted by the upturn in oil prices .
Stock futures for the December quarter on the S&P TSX index were up 0.1% recently.
Action Economics said a Reuters poll found a median expectation of 29 markets analysts for Brent to average $44.69 this year and $57.01 next year, little changed from last month's pre-OPEC meeting survey. This suggests that markets are anticipating a natural re-balancing in the market while seeing little influence from the OPEC's agreement to trim supply. While the cartel agreed to trim production by about an overall 1.5 million barrels per day, Nigeria, an OPEC member that is exempt from participating, said yesterday that it is planning on rising production to 1.9 million barrels per day.
The TSX climbed 111 points on Wednesday, lifted mostly by material stocks.
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