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TSX May Open Lower As Oil Slips Below US$40/Barrel

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Canada's benchmark index looks set to open lower on Tuesday after oil prices fell back below US$40 per barrel on expectations of another rise in U.S. crude stockpiles and on skepticism over next month's meeting among major oil producers.

Stock futures for the June quarter on the S&P TSX index were down 0.01% recently.

Reports said analysts are expecting U.S. crude inventories to increase to record levels and are doubtful if the producers' meeting in April in Qatar to discuss the proposed output freeze would bear fruit. Also pressuring oil, the dollar strengthened ahead of U.S. Fed Chair Janet Yellen's speech, which could drop hints when the bank plans to raise key rates.

The TSX gained 32 points at closing on Monday, with financials and consumer stocks leading the climb.

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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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