By MarketsFarm
WINNIPEG, April 22 (MarketsFarm) – The Canadian dollar was higher Wednesday morning as crude oil prices regained some lost strength.
As of 8:44 CDT, the Canadian dollar was at US$0.7081 or C$1.4118, compared to Tuesday’s close of US$0.7041 or C$1.4203.
Benchmark crude oil prices were slightly higher Wednesday morning after Saudi Arabia announced it’s willing to pursue deeper production cuts. Also, the Russian Energy Minister commented that global demand is down by a third and prices will likely remain volatile until May when production cuts come into effect.
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Brent crude oil rose US$1.75 at US$21.08 per barrel. In early hours of Wednesday, Brent slipped under US$16 per barrel for its lowest price since 1999, but improved during overnight trading.
West Texas Intermediate (WTI) gained US$2.62 at US$14.19 per barrel. Western Canadian Select (WCS) was up US$1.01 at US$4.82 per barrel.
At the opening the TSX/S&P Composite Index jumped 217.25 points at 14,157.31, recouping a good portion of Tuesday’s losses.
Gold was up US$21.35 at US$1,707.77 per ounce. The Bank of America is projecting gold could hit US$3,000 per ounce within the next 18 months.
