By MarketsFarm
WINNIPEG, May 12 (MarketsFarm) – The Canadian dollar was holding steady Tuesday despite gains in crude oil prices.
As of 8:41 CDT, the Canadian dollar was at US$0.7142 or C$1.4002, compared to Monday’s close of US$0.7137 or C$1.4012.
Benchmark crude oil prices were slightly higher Tuesday morning, as the markets started to take Saudi Arabia more seriously in its pledge to slash its oil production by an extra one million barrels per day (BPD). Also, Kuwait and the United Arab Emirates announced on Monday they are reducing their production by 100,000 BPD each. Russia’s top oil producing region of Khanty-Mansiysk is curtailing its output by 4 million BPD to help meet the country’s target.
Brent crude oil was up 81 cents at US$30.44 per barrel. West Texas Intermediate (WTI) gained US$1.48 at US$25.62 per barrel. Western Canadian Select (WCS) rose 71 cents at US$22.40 per barrel.
At the opening, the TSX/S&P Composite Index was slightly higher by 63.26 points at 15,166.48.
Gold was up US$6.62 at US$1,704.55 per ounce.
