TSX May Recover with Oil Prices After UAE Comments
Canada's benchmark index is likely to recover on Friday after positive remarks from UAE's Energy Minister pushed oil prices higher. Stock futures for the March quarter on the S&P TSX index rose 0.3% recently.
Both Brent and the WTI were up by more than 5% after UAE Energy Minister Suhail bin Mohammed al-Mazrouei reportedly said the OPEC is still open for a discussion on possible reductions in output. Analysts, however, remain skeptical about this. Brent was last up 5.2% at US$31.63/barrel, while the WTI jumped 6.8% to US$27.98/barrel.
The TSX retreated by 98 points at closing on Thursday, with financials among the weakest groups.
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