Futures market suggests positive open for U.S. markets, oil trades higher

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TORONTO — The futures market suggested U.S. stock markets will open higher today, a day after North American stock markets posted gains.

Canada’s main stock index gained more than 400 points on Thursday as the energy sector rallied on the back of a surge in crude oil prices.

The increase came on hope that Saudi Arabia and Russia will settle a price war that crushed already weak oil prices due to the waning demand from the economic slump as a result of COVID-19.

The market had been volatile due to uncertainty caused by the novel coronavirus, but stocks started tanking after Saudi Arabia triggered a plunge in crude oil by ramping up production.

The May crude oil contract, which rose by more than 24 per cent on Thursday, was up US$1.51 at US$27.42 per barrel in trading today.

The Canadian dollar traded for 70.17 cents US compared with an average of  68.99 cents US on Thursday.

This report by The Canadian Press was first published March 20, 2020.

 

Companies in this story: (TSX:GSPTSE, TSX:CADUSD=X)

 

The Canadian Press