April 19 (Reuters) - Canada’s main stock index was set to start higher on Wednesday as oil prices rose after OPEC reaffirmed its commitment to erode a glut that has dogged markets since 2014.
OPEC Secretary-General Mohammad Barkindo said on Wednesday that all oil producers taking part in a supply-cut pact are committed to bringing global inventories down to the industry’s five-year average and restoring stability to the market.
June futures on the S&P TSX index were up 0.17 percent at 7:15 a.m. ET.
Canada’s benchmark stock index fell on Tuesday, mirroring U.S. market sentiment, with energy stocks leading declines as the price of crude oil fell.
No major economic releases are scheduled in Canada.
Dow Jones Industrial Average e-mini futures were up 0.14 percent at 7:15 a.m. ET, while S&P 500 e-mini futures were up 0.28 percent and Nasdaq 100 e-mini futures were up 0.30 percent.
Chevron Corp, the second-largest U.S.-based oil company, sold its Canadian gasoline stations and refinery in British Columbia to Parkland Fuel Corp, a marketer of petroleum products, for C$1.46 billion ($1.09 billion).
ANALYST RESEARCH HIGHLIGHTS
Dollarama Inc: TD Securities cuts rating to “hold” from “buy”
Rogers Communications Inc: Desjardins raises target price to C$62.50 from C$59
Russel Metals Inc: Raymond James raises target price to C$30 from C$26
COMMODITIES AT 7:15 a.m. ET
Gold futures: $1282.3; -0.73 percent
US crude: $52.61; +0.38 percent
Brent crude: $55.16; +0.49 percent
LME 3-month copper: $5639.5; +1.21 percent
U.S. ECONOMIC DATA DUE ON WEDNESDAY
No economic releases are scheduled.
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TSX market report
Canadian dollar and bonds report
Reuters global stocks poll for Canada
Canadian markets directory ($1= C$1.34) (Reporting by Nikhil Kumar in Bengaluru; Editing by Maju Samuel)
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