TSX Set for Strong Start As Oil Climbs on OPEC Output Cut
Canada's benchmark index is likely to push higher on Wednesday, with oil prices getting strength from OPEC's much-awaited decision to cut production.
Stock futures for the December quarter on the S&P TSX index were up 0.1% recently.
Brent was back above US$50/barrel, having rallied by more than 8%, after Reuters said the OPEC finally agreed to reduce production for the first time since 2008. Algeria was reportedly proposing to decrease the output ceiling to 32.5 million barrels per day.
Meanwhile, materials may come under pressure, with a strong dollar hurting gold prices .
The TSX shed 15 points on Tuesday, weighed down mostly by energy stocks.
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