By MarketsFarm
WINNIPEG, May 15 (MarketsFarm) – The Canadian dollar was steady on Friday morning despite gains in crude oil.
As of 8:38 CDT, the Canadian dollar was at US$0.7100 or C$1.4074, compared to Thursday’s close of US$0.7097 or C$1.4090.
Benchmark crude oil prices were slightly higher Friday morning, reaching price levels not seen in six weeks. As major oil producing countries move ahead with plans to slash their crude production, the easing of COVID-19 lockdown restrictions in several countries were said to be boosting demand.
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Brent crude oil was up 77 cents at US$31.90 per barrel. West Texas Intermediate (WTI) gained US$1.17 at US$28.73 per barrel. Western Canadian Select (WCS) rose 97 cents at US$24.34 per barrel.
At the opening, the TSX/S&P Composite Index was up 13.98 points at 14,523.64.
However the North American stock markets could be in for a tough day as tensions between the United States and China have increased. The situation became worse after comments made by U.S. President Donald Trump on Thursday, stating he had no desire in speaking with Chinese President Xi Jinping. The Trump administration has often accused China of failing to contain the coronavirus.
The Dow Jones opened with a drop of 167.01 at 23,458.33 points.
Gold was up US$12.90 at US$1,743.21 per ounce.
