Canadian Shares Might Gain At Open

(RTTNews) - A pullback in oil production in OPEC countries might result in an energy price increase as representatives of the Organization of the Petroleum Exporting Countries are meeting in Vienna on Wednesday. Ahead of the meeting, crude oil prices began to climb.

There are speculations that OPEC and its allies might decide on a curb of 500 thousand to one million barrels per day. Oil prices have been sliding since June. Crude Oil Futures are gaining.

The Gold Futures for December 22 is declining 0.65 percent at 1,719.35. Silver Futures are down 2.64 percent.

On Wednesday, the S&P/TSX Composite Index is trending up. S&P/TSX 60 Futures are currently up 2.67 percent.

On the economic front, the Merchandise trade consensus for August is a surplus at C$3.5 billion. Falling prices pulled exports down in July contributing to a smaller C$4.05 billion trade surplus in July.

The Bank of Canada finished at C$19.32, down 2.03 percent on Tuesday. Shopify gained 12.72 percent at $42.61.

Gold Futures are trending higher at 1,964.70, up 0.98 percent, while Silver is up 2.79 percent. The U.S. dollar Index is up 0.13 percent at 99.88. Crude oil futures are slightly down.

Asian shares finished up on Wednesday. Hong Kong's Hang Seng index soared 5.90 percent to 18,087.97.

Japan's Nikkei average rose 0.48 percent to 27,120.53. The broader Topix index closed 0.32 percent higher at 1,912.92.

Australian benchmark S&P ASX 200 climbed 1.74 percent to 6,815.70 while the broader All Ordinaries index closed 1.82 percent higher at 7,030.90.

European shares are trading lower. CAC 40 of France is down 39.91 points or 0.669 percent. DAX of Germany is declining 94.83 points or 0.76 percent. FTSE 100 of England is losing 61.20 points or 0.87 percent. Swiss Market Index is sliding 56.95 points or 0.54 percent.

Euro Stoxx 50 which provides a Blue-chip representation of supersector leaders in the Eurozone, is down 0.94 percent.