Sept 23 (Reuters) - Canada's main stock index breached its all-time high record, albeit marginally, for a third consecutive session on Monday as energy stocks boosted returns after an early bump in crude oil prices due to geopolitical tensions.

The Toronto Stock Exchange's S&P/TSX composite index (.GSPTSE) , opens new tab was up 27.34 points, or 0.11%, at 23,894.71, crossing its all-time peak scaled last week after fed rate cut.

Crude oil prices had a volatile day with prices first jumping up on increased Middle east tensions and hopes of strong U.S. economic growth. But it shed the gains later in the day after disappointing euro zone business activity and a signs of a weakening Chinese economy.OIL/

Brent crude futures for November were down 0.59% to $74.05 a barrel at 2013 GMT, after touching a peak of $75.17 a barrel earlier in the day.

"There's still a disconnect between valuations for some of the energy stocks and expectations for where crude oil might trade in the next year," said Elvis Picardo, senior portfolio manager at iA Private Wealth.

As a result, any signs that crude might go up bumps up the energy companies in TSX, he said.

Canada's energy sector (.SPTTEN) , opens new tab, which accounts for around 17.5% weight in the composite index, advanced 0.4% in the day led by International Petroleum Corp (IPCO.TO) , opens new tab and Birchcliff Energy Ltd (BIR.TO) , opens new tab both of which were up over 2%.

Last week's Federal Reserve's super-sized 50 basis point rate cut had boosted global markets and stock returns, with the TSX breaking its closing record since Thursday.

Traders expect Fed to cut rates by another 75 basis points by the end of this year and are keeping an eye on several data prints that could provide clues on monetary policy.

"Investors will digest the gains so far before the action starts again in the first or second week of next month with third quarter earnings," Picardo said.

Attention will also be on the Fed's preferred inflation gauge, the core personal consumption expenditures (PCE) and Canada's gross domestic product numbers for July, both expected on Friday.

The TSX is up 14.1% for the year due to optimism over the Fed's policy easing and after the Bank of Canada slashed its policy rates three times this year. The Canadian central bank is unanimously expected to cut borrowing costs further at its October meeting.

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https://www.reuters.com/markets/tsx-futures-subdued-ahead-data-heavy-week-2024-09-23/