(Reuters) - Futures for Canada's main stock index rose on Friday, aided by rising crude prices, while investors awaited crucial U.S. inflation data to gauge the Federal Reserve's monetary policy outlook.

The S&P/TSX 60 futures was up 0.48% by 06:56 a.m. ET (1056 GMT). The Canadian benchmark index was set to clock its first weekly gain in six weeks, boosting its inclines for the first half of the year.

Markets will be focused on the Personal Consumption Expenditure (PCE) price index data - the Fed's preferred inflation gauge - at 0830 ET, which is expected to show that price pressures moderated in May from a month ago.

Money markets participants are currently pricing in a 64.7% chance of a rate cut in September by the U.S. central bank.

Meanwhile, in Canada, the hopes of a rate cut from the Bank of Canada (BoC), which traditionally follows the U.S. Fed, were tempered after hotter-than-expected inflation data on Tuesday. Investors now see a 41% chance of a rate cut in July.

Traders will also closely monitor Canada's GDP readings for May to assess the strength of the domestic economy.

The energy sector was set for another positive session as oil futures, rose, on track to post a third straight weekly jump buoyed by rate cut hopes from the Fed and upcoming inflation data. [O/R]

Copper prices steadied but were set to post first monthly decline since February due to bumpy economic growth in China. On the other hand, Gold prices firmed and were headed to register their third straight quarterly rise. [MET/L] [GOL/]

In corporate news, Canada's federal government intervened on Thursday to prevent a strike by maintenance engineers at Onex Corp- backed WestJet Airlines to avoid more flight cancellations ahead of a busy holiday weekend.

COMMODITIES

Gold: $2334.9; +0.32% [GOL/]

US crude: $82.37; +0.77% [O/R]

Brent crude: $87.04; +0.75% [O/R]

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($1 = 1.3691 Canadian dollars)

(Reporting by Nikhil Sharma in Bengaluru; Editing by Tasim Zahid)