Futures tracking the S&P/TSX Composite Index edged higher on Monday as lower oil prices eased inflation concerns. Crude prices fell further below pre-conflict levels after OPEC+ agreed to raise output targets again from August, while exports through the Strait of Hormuz continued to recover, improving global supply prospects. Meanwhile, expectations for a Federal Reserve rate hike this year eased following last week’s weaker-than-expected US jobs report, shifting the perception to a cooling labor market. These developments supported expectations that the Bank of Canada will keep interest rates on hold, pushing Canadian bond yields lower and easing concerns over borrowing costs, which supported financial stocks and the broader market. The BoC’s next policy decision is due on July 15. Meanwhile, gold prices slipped as the US dollar steadied after last week’s decline, weighing on mining shares.

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