July 29 (Reuters) - Futures tracking Canada's

commodity-heavy stock index edged higher on Wednesday as oil

prices climbed amid renewed hostilities in the Middle East,

while investors awaited the Federal Reserve's monetary policy

decision due later in the day.

September futures tracking the resource-heavy S&P/TSX

Composite index were up 0.1% at 6:40 a.m. ET.

* Oil prices gained as tensions in the Middle East escalated

following joint strikes by the U.S. and Saudi Arabia in Iraq.

Brent crude futures advanced 5%, while West Texas

Intermediate crude rose 4.7%.

* Gold prices ticked marginally higher ahead of the Fed

meeting. Spot gold was up 0.1%, while silver

gained 0.7%.

* The Fed's policy decision is due at 2:00 p.m. ET, followed

by Fed Chair Kevin Warsh's comments.

* Traders are pricing in a 36.4% likelihood of the U.S.

central bank hiking interest rates, LSEG-compiled data showed.

However, they see interest rates rising by at least 25 basis

points by year-end.

* Investors are also assessing earnings from a swath of

miners and energy companies that reported quarterly results late

on Tuesday, while another batch is due after the bell.

* Canada's benchmark index hit a record high in the previous

session as technology shares logged their best two-day

rally since 2002.

* On the trade front, U.S. President Donald Trump said on

Tuesday that he does not care about updating the North American

trade agreement, even as Canada disclosed plans to send senior

trade officials to Washington for more talks.

* In company news, oil and gas major Cenovus Energy

posted a rise in second-quarter revenue and profit on higher oil

prices.

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