Bay Street Looking For Direction As OPEC Meets -- Canadian Commentary

(RTTNews) - Canadian stocks look to steady Wednesday morning, with the performance of the heavily-weighted energy sector hinging on the OPEC meeting in Algiers.

Russia has already said it will join a deal to curb supplies, but analysts say Iran and others are unlikely to agree on production quotas.

Crude oil was up 50 cents at $45.21 a barrel, unable to sustain any recent moves in either direction.

The EIA announces US crude oil inventories data at 10:30 am ET.

The TSX Composite Index fell 61.42 points to 14,558.04 in the previous session.

In corporate news, BlackBerry (BB.TO) reported a 31.8 percent drop in 2nd-quarter revenue. The smartphone maker swung to net loss from year-earlier profit.

Air Canada (AC_A.TO) has announced Toronto-Mumbai 787 Dreamliner service.