May 2 (Reuters) - Futures for Canada's main stock index advanced on Thursday boosted by a rise in oil prices as the U.S. Federal Reserve kept the interest rates steady, while positive comments on rates from Bank of Canada Governor Tiff Macklem lifted sentiment.
June futures on the S&P/TSX index were up 0.3% at 6:33 a.m. ET (10:33 GMT).
The benchmark S&P/TSX composite index (.GSPTSE), opens new tab ended higher on Wednesday as the U.S. Fed signaled it could still cut interest rates in 2024.
Oil prices rebounded from three days of losses on expectations the lower levels may prompt the U.S., the world's biggest crude consumer, to start replenishing its strategic reserve.
The materials sector could be in focus as prices of commodities like gold and copper slipped.
U.S. stock index futures also advanced after the U.S. central bank left interest rates unchanged and allayed fears around potential rate hikes.
Investors will also monitor economic data including weekly jobless claims from across the border to assess the strength of the American economy and the outlook for global interest rates.
In company news, Canada's largest oil and gas producer Canadian Natural Resources (CNQ.TO), opens new tab missed analysts' estimates for first-quarter profit, hurt by lower-than-expected production.
Air Canada (AC.TO), opens new tab reported a smaller first-quarter adjusted loss, as Canada's largest carrier benefited from a rebound in bookings for business travel.
Meanwhile, Governor Tiff Macklem on Wednesday said the Bank of Canada is getting closer to being able to start cutting interest rates from their current 23-year highs.
Money markets have currently priced in two interest rate cuts from the Canadian central bank in 2024, with the first cut as early as next month, according to LSEG data.
COMMODITIES AT 6:33 a.m. ET
Gold futures : $2,306.8; -0.2%
US crude : $79.54; +0.7%
Brent crude : $84.09; +0.8%
($1= C$1.3722)
Reporting by Shubham Batra; Editing by Vijay Kishore
