TSX Futures Dip Despite Oil Surge Amid Rate Hike Concerns

Canada's TSX futures dipped on Tuesday despite oil prices surging after attacks on Saudi energy sites. The price of Brent and WTI, two major oil benchmarks, hit multi-week highs, but this did not translate to gains for the broader market.

According to Reuters, the strong US jobs report from Friday has led traders to believe that the Federal Reserve may raise interest rates later this month. This 'higher-for-longer' thinking can have a negative impact on stocks and non-yielding assets like gold, which slipped in value.

The TSX is particularly sensitive to changes in interest rates and inflation data, with Friday's US inflation report being the next key indicator. A hot print would reinforce rate-hike odds, while a cooler one could allow energy strength to take center stage.