TSX May Start Higher As Oil Prices Up Again
Canada's benchmark index looks set to extend its multi-day winning streak after oil prices increased again on the back of lower crude inventories. Stock futures for the December quarter on the S&P TSX index were up 0.05% recently.
Brent crude climbed further above US$50/barrel levels, and the WTI was nearing the US$50/barrel mark after reports said the market is starting to achieve balance, with falling supply and strengthening demand. The U.S. Energy Information Administration predicts demand could increase in 2016. The American Petroleum Institute, on the other hand, reported that crude inventories decreased by 1.2 million barrels last week. At last check, Brent was up 1.60% at US$52.75/barrel, while the WTI rose 1.52% to US$49.27/barrel.
Prices for gold and copper were also higher on Wednesday. The yellow metal edged up 0.43% to US$1,151.30/ounce, while copper firmed 1.51% to US$2.3905/pound.
The TSX added 95 points at closing on Tuesday, with energy and material stocks leading the climb.
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