Early signs were positive for Canadian stocks Wednesday morning, after Toronto's main index jumped to record highs in the previous two sessions.
The TSX Composite Index surged above 16,000 in October, following crude oil prices sharply higher.
U.S. WTI light sweet crude oil briefly touched $55 a barrel after a surprisingly large drawdown in U.S. oil stockpiles.
The American Petroleum Institute (API) crude oil inventories reported a massive draw of 5.1 million barrels against an expected draw of 1.4 million barrels.
The Energy Information Adminsitration is out with official data at 10:30 am ET.
Meanwhile, Reuters reports OPEC data showed the cartel's compliance with its supply quota plan continued to rise. OPEC output fell by 80,000 bpd to 32.78 million bpd last month.
In corporate news, newspaper publisher Torstar posted a bigger-than-expected loss as print advertising revenue fell 15 percent in the latest quarter.
Thomson Reuters Corporation (TRI.TO) revealed a profit for its third quarter that climbed 21% compared to the same period last year.
BMO Financial Group (BMO.TO, BMO) announced the appointment of Darryl White to the role of Chief Executive Officer.
Transcontinental Inc. (TCL_A.TO) acquired Quebec-based Les Industries Flexipak Inc.
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