Source: The Canadian Press

The Toronto stock market could find itself pressured by the commodity sectors at the open as prices for oil and copper backed away following a string of strong gains.

The Canadian dollar rose a tenth of a cent to 97.62 cents US.

U.S. futures pointed to a higher open ahead of some important economic data with the Dow Jones industrial futures up 42 points to 10,386, the Nasdaq futures rose 9.25 points to 1,915.25 while the S&P 500 futures climbed 4.8 points to 1,114.4.

The July crude contract on the New York Mercantile Exchange was down 45 cents to US$77.22 a barrel as confidence slips that a three-week rally will continue amid signs of weak U.S. crude demand.

Oil has recovered from $64 on May 25 — after dropping from $87 earlier last month — as fears eased that Europe’s debt crisis will stall global economic growth. Investors are eyeing clues about U.S. oil demand in crude inventory data, which had shown signs of improving recently but unexpectedly rose last week, the Energy Department’s Energy Information Administration said Wednesday.

Some analysts don’t expect the massive BP oil spill in the Gulf of Mexico to squeeze supplies anytime soon.

The August bullion contract on the Nymex rose $6.60 to US$1,237.10 an ounce while the July copper contract in New York fell six cents to US$2.93 a pound.

Copper had also enjoyed a series of advances from last week when data showed a stronger than expected rise in Chinese exports, which in turn raised hopes for demand for the metal.

Later in the morning, investors will take in the latest report on claims for employment insurance in the U.S. Analysts expect that the number of people putting in new claims for jobless benefits fell last week for a fourth straight week.

Traders will also take in the U.S. Conference Board’s index of leading economic indicators. Economists expect the measure, which is designed to forecast economic activity in the next three to six months, will increase 0.5% in May after a surprise slide in April.

Another midmorning report is expected to signal that consumer prices dropped for a second month in May.

Stock markets cruised to a slightly higher close on Wednesday following sharp gains on Tuesday, held back by news that U.S. home construction and applications for building permits slumped in May.

In Asia, Japan’s Nikkei 225 stock average dropped 0.7% while Australia’s S&P/ASX 200 lost 0.7%.

The Shanghai Composite index fell 0.4% with investors holding back ahead of the launch of Agricultural Bank of China’s mammoth share listing, after a five-day closure for public holidays.

Hong Kong’s Hang Seng rose 0.4%.

London’s FTSE 100 index gained 0.79%, Frankfurt’s DAX was up 0.66% and the Paris CAC 40 moved up 0.88%.

In corporate news, Canadian Energy Services & Technology Corp. (TSX:CEU) is increasing its dividend to common shareholders. The company, which designs and implements drilling fluid systems for the oil and natural gas industry, says its cash dividend will be increased by 33% to eight cents per common share. CESTC also said it has formed a new division to manufacture and sell both drilling fluid products and production chemicals.

Shares in BP rose about 1% in pre-market trading in New York as the company’s agreement to set up a US$20 billion fund and cancel dividend payments to cover damage from the Gulf of Mexico oil spill was seen as reducing uncertainty over its liabilities.

Some analysts had a “buy” rating on the stock despite the risks to the company from the spill.

BP PLC’s shares have lost nearly half of their value since the April 20 explosion on the Deepwater Horizon rig which killed 11 workers and sent oil gushing from a broken pipe.