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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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
