TSX Set for Strong Start on Higher Oil; Fed Meeting In Focus
Canada's benchmark index looks set to open higher on Tuesday, recovering from losses in the previous session, after oil prices rose. Investors are on the lookout for the statement from the U.S. Federal Reserve when the bank ends its policy meeting on Wednesday.
Brent crude was trading higher, following media reports that said the OPEC may hold an emergency meeting if prices don't recover. A weaker dollar amid the anticipation of the Fed's rate decision also helped the commodity. Brent was last up 0.8% at US$38.23/barrel, while the WTI crude edged up 0.7% to US$36.55/barrel.
The TSX closed down by 94 points on Monday, weighed down by material and energy stocks.
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