July 7 (Reuters) - Canadian stock index futures inched higher on Tuesday as oil prices climbed, while investors awaited the U.S. Federal Reserve's meeting minutes for clues on the monetary policy path.
Futures tracking the S&P/TSX Composite index were up 0.35% at 7:39 a.m. ET.
Oil prices rose as reports of attacks on vessels near the Strait of Hormuz revived fears of disruptions to shipping through the critical energy transit route.
Brent crude futures gained 0.83% to $72.59 a barrel, while U.S. West Texas Intermediate crude rose 0.67% to $69.01 a barrel.
Gold slipped for a second consecutive session as a stronger U.S. dollar weighed, while investors awaited minutes from the Fed's June meeting, when it held interest rates unchanged. Spot gold and silver prices fell 0.3% and 1.4%, respectively
A softer-than-expected jobs report and signs of easing tensions in the Middle East have tempered expectations of several U.S. interest rate increases this year.
Traders are pricing in one 25 basis point rate hike from the Fed by the end of this year, according to LSEG data.
Meanwhile, the Bank of Canada is seen keeping interest rates on hold this year, with the next policy decision due on July 15.
Canada's resource-heavy benchmark stock index fell on Monday, pressured by a drop in gold and crude oil prices.
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Reporting by Sudeshna Ghoshal and Sruthi Shankar in Bengaluru; Editing by Sahal Muhammed
