February 22, 2016 / 12:40 PM / a year ago

CANADA STOCKS-Futures higher as oil prices surge

3 Min Read

Feb 22 (Reuters) - Canada's main stock index looked set to open higher on Monday as oil prices rose after the International Energy Agency said it expected U.S. shale production to fall this year and next.

March futures on the S&P TSX index were up 0.94 percent at 7:15 a.m. ET.

A drop in production could potentially ease a supply glut that has driven oil prices to their lowest in more than a decade and hammered shares of oil and gas companies.

Canadian stocks fell on Friday, led by a drop in health care, energy and financial sector stocks, as crude oil prices tumbled and domestic retail sales disappointed.

Dow Jones Industrial Average e-mini futures were up 1.08 percent at 7:15 a.m. ET on Monday. S&P 500 e-mini futures were up 1.07 percent and Nasdaq 100 e-mini futures 1.16 percent.

No major Canadian economic releases are scheduled for the day.

(Morning News Call newsletter link.reuters.com/nex49s; The Day Ahead newsletter link.reuters.com/mex49s)

Top Stories

Canada's Centerra Gold, which operates Kyrgyzstan's largest gold mine, Kumtor, has cut its proven and probable gold reserves by 495,000 contained ounces, the company said on Monday.

COMMODITIES AT 7:15 a.m. ET

Gold futures : $1,106.80; -1.91 pct

US crude : $30.79; +3.88 pct

Brent crude : $34.24; +3.67 pct

LME 3-month copper : $4,687.50; +1.44 pct

Analyst Research Highlights

Canaccord Genuity Group Inc : KBW cuts target to C$4.50 from C$5.50; rating "market perform"

Constellation Software : BMO cuts target to C$580 from C$600; rating "market perform"

Enbridge Inc : Barclays cuts target price to C$60 from C$62; rating "overweight"

u.s. Economic Data Due on Monday

0830 National Activity Index for Jan: Prior -0.22

0945 Markit Manufacturing PMI Flash for Feb: Expected 52.3; Prior 52.4

For Canadian Markets News, Click on Codes:

TSX market report

Canadian dollar and bonds report

Reuters global stocks poll for Canada

Canadian markets directory ($1= C$1.38) (Reporting by Nikhil Kumar in Bengaluru; Editing by Saumyadeb Chakrabarty)

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