TSX Futures Weighed by Middle East Developments
Futures tracking Canada's main stock index were subdued on Friday as investors weighed developments in the Middle East. Oil prices eased on reports of additional supply from Saudi Arabia, while precious metal prices continued their upward trend.
December futures on the S&P/TSX index fell 0.06% by 6:00 a.m. ET (10:00 GMT), while oil prices extended losses due to traders assessing reports that Saudi Arabia was offering additional crude supplies through Oman. Smaller-than-expected draw from US crude inventories also weighed on oil prices.
Brent crude futures remained elevated at above $100 a barrel, despite concerns about higher prices of refined crude products. Investors will be looking ahead to the meeting between US President Donald Trump and Chinese President Xi Jinping next week, which is expected to focus on tensions in the Gulf region among other issues.