By Glen Hallick
Glacier FarmMedia – The Canadian dollar closed higher on Monday, despite sharp swings in crude oil.
The loonie finished at US$0.7367 or US$1=C$1.3574 compared to Friday’s close of US$0.7346 or US$1=C$1.3613. On the United States Dollar Index, the greenback dipped 0.159 of a point at 98.550.
Benchmark crude oil prices were lower by Monday afternoon, turning around after they soared to nearly US$120 per barrel in overnight trading. Threats to Middle East supplies drove up prices, but G7 plans to release sizeable amounts from global strategic reserves precipitated the sharp reversal.
West Texas Intermediate was down US$7.77 at US$83.13/barrel, and Brent crude gave up US$5.99 at US$86.70.
The TSX Composite Index added 105.60 points on Monday to finish at 33,189.32.
Gold slipped US$11.20 at US$5,147.50 per ounce.
