CANADA STOCKS-Futures slump as oil falls amid supply glut concerns

Fri Sep 16, 2016 7:34am EDT
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Sept 16 (Reuters) - Stock futures pointed to a lower opening for Canada's main stock index on Friday as oil prices slipped to two-week lows over worries of a persisting global supply glut.

Traders fear the market will remain oversupplied due to rising Iranian exports and returning supplies from Libya and Nigeria.

Traders are also eyeing weekly U.S. rig count data, to be released by Baker Hughes on Friday. Last week's data showed that U.S. drillers had added seven oil rigs, bringing the rig count to 414, the most since February.

December futures on the S&P TSX index were down 0.33 percent at 7:15 a.m. ET.

Canadian manufacturing sales data for July, due at 8:30 a.m. ET, is expected to show an increase of 1 percent from the 0.8 reported in June.

Canada's main stock index scored its biggest gain in two months on Thursday, led by shares of financial and energy stocks as oil rose and investors reduced bets on a U.S. Federal Reserve interest rate hike.

Dow Jones Industrial Average e-mini futures were down 0.38 percent at 7:15 a.m. ET. S&P 500 e-mini futures were down 0.38 percent and Nasdaq 100 e-mini futures were down 0.30 percent.

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