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TSX to Start Higher on Oil Rebound, Greek Hopes

Canada's benchmark index may end the week in gains after oil prices recovered and investors remain hopeful a deal will finally be reached between Greece and its international creditors.

Gains, however, may be minimal, with March futures on the S&P TSX index down 0.26% at 8.53am ET, reacting negatively to falling copper prices .

Brent oil was up more than 1% at US$60.90 per barrel after data showed falling numbers of rigs drilling for oil in the U.S. Rig count was at the lowest since August 2011.

Meanwhile, Greece is confident its request for the extension of its loan will be approved by euro zone finance ministers, taking hints from Germany's softened tone. The leftist-run country formally filed a request for a six-month extension of its loan after refusing to ask for the extension of the bailout program.

The TSX closed down by 30 points on Thursday, weighed down by industrial and mining stocks.

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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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