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TSX May Open Higher As Commodities Rise – Nasdaq.com – Nasdaq

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Canada’s benchmark index is likely to open higher on Wednesday, taking cues from rising commodity prices.

Action Economics said oil rallied when the API reported a 6.2 million barrel rise on U.S. crude stocks, less than the 10.0 million barrel build expected. In addition, gasoline stocks fell by 7.9 million barrels, more than expected. The large swings in inventories were mostly due to refinery disruptions in the aftermath of Hurricane Harvey, where shuttered refineries dented crude demand, while limiting gasoline production.

Meanwhile, gold recovered from eight-session lows seen Tuesday as the dollar eases back, following cooler PPI data.

The TSX gained 103 points on Tuesday, led higher by energy stocks.

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