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TSX May Rise with Oil Prices

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Canada's benchmark index looked set to open higher on Thursday, lifted by rising oil prices .

Oil was in the positive territory, and Action Economics said gains come on the back of a pressured dollar, and news from the EIA which indicated U.S. oil production fell by 100,000 barrels per day in the latest reporting week, likely related to a tropical storm in the Gulf of Mexico last week. Goldman Sachs meanwhile, cut its Q3 WTI average price forecast to $47.50/bbl from $55.00 previously, due to the quick upturn in production from Libya and Nigeria, along with robust U.S. shale production, AE added.

The TSX climbed by 74 points on Wednesday, led higher by financials.

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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