March 18 (Reuters) - Futures linked to Canada's benchmark index inched up on Wednesday as easing oil prices lifted sentiment, with investors awaiting monetary policy decisions by the U.S. Federal Reserve and the Bank of Canada later in the day.
March futures on the S&P/TSX composite index were up 0.4% as of 06:12 a.m. ET in low volumes, while futures tracking Wall Street's main indexes also ticked up.
Oil prices slipped on Wednesday, after Iraq resumed crude shipments from its Kirkuk fields to Turkey's Ceyhan port via pipeline, easing some strain on global supplies. Still, Brent crude futures were trading above $100 a barrel as tensions in the Middle East showed no sign of easing.
The retreat in crude prices, however, could limit gains on the commodities-heavy TSX.
The recent surge in oil prices has lifted Canadian energy stocks (.SPTTEN), sending them up more than 33% so far this year. While the crude spike has revived inflationary concerns globally, Canada is expected to be relatively insulated from the turbulence as it is a net exporter.
Against this backdrop, markets will be monitoring comments from the BoC and Fed policymakers on the trajectory of monetary policy. Both central banks are widely expected to keep rates unchanged.
Toronto's S&P/TSX Composite Index (.GSPTSE), ended higher on Tuesday, after clocking its biggest one-day jump since February 26, before the Iran war began, on Monday.
On the day, gold held steady as investors stayed on the sidelines, while copper prices dipped.
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Reporting by Rashika Singh in Bengaluru; Editing by Diti Pujara
