(Reuters) - Futures tracking Canada's commodity-heavy main stock index rose on Wednesday, boosted by higher oil prices, while investors awaited the U.S. inflation report and the Federal Reserve's monetary policy decision scheduled later in the day.

S&P/TSX futures were up 0.38% at 06:31 a.m. ET (1031 GMT).

Oil prices jumped after three key forecasters predicted global oil inventories would fall in the second half of 2024. [O/R]

Spot gold prices remained muted while silver edged higher ahead of the U.S. Consumer Price Index data and the Fed's policy announcement, which will give investors an insight into the U.S. central bank's interest-rate path.

The Federal Reserve is likely to leave interest rates unchanged, but the policymakers will release updated economic projections and the "dot plot" that shows where they expect rates to stand in 2024 and long term.

The S&P/TSX composite index fell to a near six-week low on Tuesday as worries about the global economic outlook weighed on base metal miners.

Meanwhile, Canadian utility and real estate shares are likely to be among the biggest beneficiaries of the Bank of Canada's move to begin cutting interest rates, according to investors.

In corporate news, National Bank of Canada is set to acquire Alberta-based rival Canadian Western Bank for C$5 billion ($3.63 billion), combining the country's sixth- and eighth-largest lenders, respectively.

Bank of Canada Governor Tiff Macklem is expected to speak at the Conference of Montreal at 3:30 p.m. ET.


Spot gold: $2,313.69; -0.1% [GOL/]

US crude: $78.84; +1.21% [O/R]

Brent crude: $82.75; +1.01% [O/R]


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($1 = 1.3745 Canadian dollars)

(Reporting by Nikhil Sharma; Editing by Shreya Biswas)