By MarketsFarm
WINNIPEG, April 23 (MarketsFarm) – The Canadian dollar was stronger Thursday morning on increases in crude oil prices.
As of 8:36 CDT, the Canadian dollar was at US$0.7097 or C$1.4077, compared to Wednesday’s close of US$0.7065 or C$1.4155.
Benchmark crude oil prices were higher Thursday morning due to saber-rattling in the Persian Gulf. The United States said yesterday the U.S. Navy (USN) will fire on Iranian naval vessels harassing it. In response, Iran stated its ships would attack USN vessels considered to be threatening Iranian security.
However, burgeoning global crude stocks have tempered larger gains.
Brent crude oil was up US$1.89 at US$22.26 per barrel. West Texas Intermediate (WTI) gained US$2.82 at US$16.60 per barrel. Western Canadian Select (WCS) rose US$2.83 at US$7.82 per barrel.
At the opening the TSX/S&P Composite Index increased by 41.21 points at 14,329.37.
Gold was up US$16.81 at US$1,730.89 per ounce.
