TSX Set for Losses As Oil Drops
Canada's benchmark index is expected to open the last trading day of the week with losses, hurt by the persistent weakness in oil prices . Stock futures for the December quarter on the S&P TSX index were up by a mere 0.11% recently.
Prices for both Brent crude and WTI were lower, following a Wednesday report from the EIA that revealed a 4.8 million barrel increase in oil inventories and Thursday's data from Genscape showing strong growth in stockpiles at WTI's delivery point in Cushing Oklahoma. At last check, Brent fell 1.2% to US$36.60/barrel, while the WTI slipped 0.9% to US$34.62/barrel.
The TSX closed down by 156 points on Thursday, led lower by materials and telecoms.
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